Consumer Financial Protection Bureau headquarters in Washington, D.C.
Since 2018, the CFPB’s Credit Union Advisory Council (CUAC) has been disbanded or dissolved twice. The second dissolving of the eight-member group came Thursday with this one sentence posted on the CFPB’s website: “Effectively immediately, the Consumer Financial Protection Bureau (CFPB) has dissolved this council.”
In both iterations of the Trump Administration, the CUAC and all other CFPB councils have been dissolved. Thursday’s abrupt announcement, while not completely unexpected, served as a reminder of how important it is for credit unions to be able to connect with government officials and agencies.
Head of Regulatory Affairs with America’s Credit Unions, James Akin, issued the following response to the council’s elimination.
"The CUAC provided a critical forum for credit unions to share their expertise with CFPB leadership, to help them understand the real-world impacts on the 140 million Americans who rely on credit unions,” Akin said. “While credit union expertise was not always heeded, eliminating this council removes an essential channel for dialogue. In the absence of the CUAC, we will increase our direct engagement with the CFPB. Our industry’s mission, to prioritize people over profit, remains unchanged, and we will continue to push for policies that protect the cooperative financial system."
According to the official charter of the CUAC, members submitted "advice and recommendations to the Bureau relating to the activities and operations of credit unions, which shall be non-binding on the Bureau."
According to the last update from the CFPB, members of the CUAC included:
- Chad LaFlash, associate vice president of research and product strategy at UW Credit Union in Madison, Wis.
- Floyd Rummel, III, CEO at Northern Hills Federal Credit Union in Sturgis, S.D.
- Suzanne Weinstein, president/CEO at Orlando Credit Union in Orlando, Fla.
- Shawn Wolbert, president/CEO at GHS Federal Credit Union in Binghamton, N.Y.
- Deb Wreden, EVP of product and delivery strategy at Virginia Credit Union in Richmond, Va.
- Michael Daugherty, president at Community Plus Federal Credit Union in Rantoul, Ill.
- Jeff Ivey, president/CEO at River City Federal Credit Union in San Antonio.
- Michael J. Levy, vice president/general counsel at Travis Credit Union in Vacaville, Calif.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
