CFPB dismisses members of advisory board

CUNA Chief Advocacy Officer Ryan Donovan said a multimember commission leading the Bureau of Consumer Financial Protection would provide more consistency for the entities affected by bureau activities Wednesday, in response to the bureau announcing it would restructure its outreach activities. The bureau has dismissed all members of the Consumer Advisory Board (CAB), though the bureau noted […]

CUNA Chief Advocacy Officer Ryan Donovan said a multimember commission leading the Bureau of Consumer Financial Protection would provide more consistency for the entities affected by bureau activities Wednesday, in response to the bureau announcing it would restructure its outreach activities. The bureau has dismissed all members of the Consumer Advisory Board (CAB), though the bureau noted it would continue to fulfill CAB statutory obligations.

“If the leadership of the bureau was a multi-person, bipartisan commission versus a single director, it would likely be much more difficult to fire the entire Consumer Advisory Board,” Donovan said. “It is long overdue for consumer groups and policymakers to take the politics out of consumer financial protection and support a commission to run the bureau.

The bureau says it will increase its strategic outreach to encourage in-depth conversations, sharing information, and developing partnerships focused on consumers in underserved communities and geographies.

According to the bureau, these engagements will include regional town halls, roundtable discussions at the bureau’s headquarters with consumer finance experts and representatives, regional roundtables and regular national calls.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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