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Bill Introduced to Codify CU Advisory Council, Create Small Biz Panel
Wednesday, March 4, 2015 6:35 AM

A House bill was reintroduced Monday that would both establish a Small Business Advisory Board to the Consumer Financial Protection Bureau, as well as codify the bureau's existing credit union and community bank advisory councils. The bill was introduced by Reps. Robert Pittenger (R-NC) and Denny Heck (D-WA).

The new Small Business Advisory Board, if the bill is enacted, would be charged with providing information on emerging practices of small business concerns that provide eligible financial products or services, including regional trends, concerns, and other relevant information. ‚Äč

Credit Union National Association Chief Advocacy Officer Ryan Donovan welcomed the bill's introduction, saying, "The engagement that the credit union system has had with the CFPB through the credit union advisory council has been positive, and this legislation is important because it would ensure the council continues as a matter of law."

Last week, CUNA President/CEO Jim Nussle sent a letter to recommend credit union candidates for the CFPB's Credit Union Advisory Council and Consumer Advisory Board. He noted that membership on CFPB's advisory boards is key to ensuring the unique perspective of credit unions is not only heard, but taken into consideration as a part of any and all rulemakings that affect credit unions.