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Recently, Senator Angus King, along with Senator Michael Rounds, introduced a bill that has strong support from your League and from the Credit Union National Association. The bill, S. 1963 - The Bureau of Consumer Financial Protection Advisory Board Enhancement Act, would codify the Credit Union Advisory Council at the Consumer Financial Protection Bureau (CFPB).
In a letter thanking Senator King for introducing the bill and stating your League's support, John Murphy, your League's President, wrote, "We strongly support the codification of the Credit Union Advisory Council (CUAC). The CUAC provides a valuable forum for credit unions to have a voice during the CFPB rulemaking process. However, the CUAC is currently not in statute and could be terminated at any time, taking a valuable resource away from America's credit unions. Although none of Maine's credit unions fall under the CFPB's direct supervisory power over financial institutions with more than $10 billion in assets, the Bureau's regulations have a significant impact on credit unions in Maine. Credit unions need a seat at the table to let the CFPB know how its rules will affect how credit unions can serve their members."
Senator King's office has communicated with your League on a number of occasions regarding legislation, and his office reached out to your League asking for its feedback and support on this legislation. "Once again, the value of strong relationships with our elected officials is reinforced. Senator King has been very receptive to our issues, and been a strong advocate on several important pieces of legislation including his leadership in passing critical IOLTA legislation last winter. We thank him for his leadership on this bill, and strongly support its passage, and we are committed to ensuring its success," added Murphy.
Resources:
League's letter to Senator King and Senator Rounds
Letter from CUNA President/CEO to Senator King and Senator Rounds