May 30, 2018

NAFCU urges CFPB to keep CUAC meetings

CFPB headquartersNAFCU, in a letter to the CFPB Tuesday, encouraged the bureau to continue meeting with credit unions through its Credit Union Advisory Council (CUAC) and other external engagements in order to allow stakeholders ample opportunity to offer feedback on financial issues and the CFPB's rulemakings.

NAFCU Regulatory Affairs Counsel Andrew Morris sent the letter in response to the bureau's request for information (RFI) on its external engagements, including field hearings, town halls, roundtables and meetings of its Consumer Advisory Board and councils.

In the letter, Morris said that "external engagements provide a vital forum for credit unions to have their voices heard in Washington" and urged the bureau "to continue its existing channels for connecting with stakeholders." He specifically asked the CFPB to continue holding CUAC meetings even though the council is not statutorily required in order to fully understand the impact of its rulemakings.

"As membership on the CUAC is limited to representatives of credit unions with under $10 billion in assets, it gives credit unions subject to the Bureau's rulemaking, but not its supervisory authority, a chance to be heard," Morris wrote. "Several of NAFCU's members are serving or have served on the CUAC, and all have found the experience to be immensely worthwhile."

In addition to maintaining CUAC meetings, Morris recommended the bureau:

  • continue to hold field hearings and town halls, and to hold such events at least quarterly in geographically dispersed locations;

  • ensure field hearings, town halls and roundtables are publicly accessible, and balance public and private sessions for board and council meetings;

  • provide at least 30 days of notice for upcoming events on the CFPB's website, social media channels and other outlets, and promptly notify through the same channels of event changes; and

  • continue to provide livestream video coverage of its events.