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 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.

“Furthermore, we appreciate the input the Credit Union Advisory Council has provided the bureau throughout the years. This council is a valuable asset and should be preserved as it has been critical in educating the agency on the credit union difference, the unique not-for-profit structure and overall mission of credit unions,” Donovan added. “CUNA strongly encourages the bureau to continue engaging credit unions in its external outreach to gain a better understanding of credit union business model, specifically as it relates to how regulations affect operations and service to consumers.”

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.