At the Table: TwinStar’s Racardo McLaughlin to Chair CFPB’s Credit Union Advisory Council
He encourages credit unions to engage in the conversation with CFPB.
When credit union advocates volunteer their time to serve on government agency advisory boards, they can get the attention of regulators. And right now, Racardo McLaughlin, Vice President of Mortgage Lending at Lacey, Washington-based TwinStar Credit Union, is in regular conversation with a pretty important regulator: Kathy Kraninger, the Director of the Consumer Financial Protection Bureau.
McLaughlin has served on the Bureau’s Credit Union Advisory Council (CUAC) for the last 18 months and was just announced as the Council’s Chair. The CUAC advises the CFPB on regulation of consumer financial products and services. Members share information, analysis, and recommendations to better inform policy development, rulemaking, and engagement work.
“I am truly honored and privileged to serve on the Council, and to work with Director Kraninger and her team,” McLaughlin said. “They listen intently and clearly understand what we bring to the table.”
The Council may convene several times a year depending on pressing issues, and two of the scheduled meetings are open to the public.
“I’m on a constant search to find balance for consumer protection and the necessary regulations we face,” McLaughlin noted.
In his coming term as Chair, McLaughlin wants to bring forth issues credit unions have organizationally, and how they serve their members. He identified business lending, data compilation about women- and minority-owned businesses, more inclusion for unbanked consumers, credit card fraud, and fintech’s impact on the financial services industry as priority issues.
He welcomes credit union’s input, pointing out that in addition to serving on the Council, he’s learning every time another credit union leader shares perspective.
“As our work pertains to HMDA, disclosures, business lending, whatever the issue may be, we should be asking ourselves how we can make a difference and make the world better,” he said.
McLaughlin invites Northwest credit unions to call or email him to share their perspective.
“I expect everyone to have a voice. I am the one who can carry the megaphone for them.”
— Racardo McLaughlin, Chair, Credit Union Advisory Council for CFPB
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