The House is set to vote on a bill that would require the CFPB to establish a Small Business Advisory Board and codify the agency's Credit Union Advisory Council.
If the bill became law, the CFPB director would have to appoint no fewer than 15 and no more than 20 members to the Credit Union Advisory Council.
"The director is encouraged to ensure the participation of credit unions predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation," the bill, named the Bureau of Consumer Financial Protection Advisory Boards Act, read.
Under the bill, introduced by Reps. Robert Pittenger (R-N.C.) and Denny Heck (D-Wash.), the Small Business Advisory Board would "provide information to the CFPB on emerging practices of small business concerns that provide eligible financial products or services, including regional trends, concerns and other relevant information."
The House is scheduled to vote on the legislation, which is backed by CUNA and NAFCU, on Tuesday, April 21.
"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," CUNA Chief Advocacy Officer Ryan Donovan said.
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