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Michigan Credit Union League

Cong. Haley Stevens to Offer Pro-Credit Union Amendment

Haley Stevens (D-11) has drafted an amendment to the Consumers First Act (H.R. 1500), a bill authored by House Financial Services Committee Chair Maxine Waters that would require the Consumer Financial Protection Bureau (CFPB) to meet it statutory obligations. Established under the Dodd-Frank Act (PL 111-203), signed into law by President Obama on July 21, 2010, the CFPB is tasked with protecting Americans from unfair, deceptive and abusive financial practices. The Trump Administration has made changes to the Bureau that H.R. 1500 would seek to reverse.

Congresswoman Stevens’ amendment would ensure individuals representing credit unions and community banks are appointed to the CFPB’s Consumer Advisory Board (CAB). The CAB is comprised of experts from the financial service industry, along with individuals specializing in civil rights, consumer protection, community development, fair lending and other interests. The CAB helps the Bureau recognize and understand emerging practices or trends and provides recommendations. Click here to learn more about the CAB.

MCUL greatly appreciates Congresswoman Stevens taking the time to understand credit unions and our issues and for offering this amendment! We look forward to working with her on additional pro-credit union, pro-consumer legislation.

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2019-05-23 00:00:00