CFPB Credit Union Advisory Council Holds First Meeting

The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) convened for its first meeting on Thursday, taking its first step toward fulfilling its role of advising the CFPB on the impact of regulations related to financial products or services on credit unions with less than $10 billion in assets.

Members of the council told Credit Union National Association (CUNA) staff that their priority was to highlight the issues that regulatory burdens can create for credit unions in their discussions with the agency. Among those 15 members is Washington State Employees Credit Union (WSECU) President and CEO Kevin Foster-Keddie.

The CUAC, which is scheduled to meet four times per year, was formed to ensure that the CFPB hears from smaller credit unions that are outside of its regulatory scope but will still be impacted, in some form, by CFPB regulations or actions. The group may also take on other topics as assigned by CFPB Director Richard Cordray.

The CFPB said the discussions with the advisory council will help inform its policy development, rulemaking, and engagement functions.

The 15 CUAC members are:

  • Bernard Balsis, IEG Federal Credit Union, Hawaii;
  • Rose Bartolomucci, Towpath Credit Union, Ohio;
  • Gary Bell, Cooperative Federal Credit Union, California;
  • John Buckley, Gerber Federal Credit Union, Michigan;
  • Carla Decker, District Government Employees Federal Credit Union, Washington, D.C.;
  • Ron Ehrenreich, Syracuse Cooperative Federal Credit Union, New York;
  • Kevin Foster-Keddie, Washington State Employees Credit Union, Washington;
  • Mitchell Klein, Police and Firemen Federal Credit Union, Pennsylvania;
  • Lily Lo, Northeast Community Federal Credit Union, California;
  • Maria Martinez, Border Federal Credit Union, Texas;
  • Marcus Schaefer, Truliant Federal Credit Union, North Carolina;
  • Camille Shillenn, Unified People’s Credit Union, Wyoming;
  • Helen Godfrey Smith, Shreveport Federal Credit Union, Louisiana;
  • Gregg Stockdale, 1st Valley Credit Union, California; and
  • David Wright, Services Center Federal Credit Union, South Dakota.

CUNA submitted a list of 28 nominees from credit unions across the country to take part in the CUAC and the CFPB’s Consumer Advisory Board.

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

Posted in Around the NW, CUNA, Events, Federal.