May 20, 2014

NAFCU urges further transparency at CFPB

May 21, 2014 – NAFCU Vice President of Legislative Affairs Brad Thaler urged leaders of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit to adopt some of the bills being discussed today that would promote transparency and accountability at CFPB.

"NAFCU believes today's hearing is an important one, as it is critical for the day-to-day operations of credit unions to have a clear understanding of how the CFPB operates," Thaler wrote to subcommittee Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Gregory Meeks, D-N.Y. "A number of the legislative proposals being considered will provide improvements to the CFPB and some relief to those who are subject to the new regulatory burdens from the Bureau."

The subcommittee will review several legislative proposals during today's hearing, "Legislative Proposals to Improve Transparency and Accountability at the CFPB."

One bill up for discussion today is H.R. 4262, the "Bureau Advisory Commission Transparency Act," introduced by Rep. Sean Duffy, R-Wis. This bill would apply the requirements of the Federal Advisory Committee Act to CFPB. The law requires open meetings and public involvement to be allowed in government agencies.

CFPB, on its blog, announced yesterday that the bureau's board and council meetings will now be open to the public and streamed online beginning with the June 18 meeting of the Consumer Advisory Board. This new policy also applies to the Credit Union Advisory Board and the Community Bank Advisory Board. Duffy welcomed the decision.

NAFCU was also pleased with the recent move by CFPB. "NAFCU believes the Credit Union Advisory Council plays an important role in informing the CFPB how various rules and regulations would impact credit unions in practice, and encourages the CFPB to take these discussions into account throughout the rule making process," Thaler wrote.