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Washington
CDCU reps nominated for CFPB advisory panel
WASHINGTON (4/10/12)--Three community development credit union (CDCU) representatives, heeding the encouragement of the National Federation of CDCUs, have nominated themselves for membership on the Consumer Financial Protection Bureau's (CFPB) new Consumer Advisory Board.

The federation noted Monday that by the March 30 nominating deadline, the following three individuals were among the nominees for the advisory panel:
  • Bernard Balsis, president, EG FCU, Hilo, Hawaii;
  • Gary Bell, CEO, Cooperative Center FCU, Berkeley, Calif.; and
  • Laura McKinley, interim president/CEO, Georgia Coastal FCU, Brunswick, Ga.
The CFPB's consumer advisory board is expected to be comprised of 20 members with varied backgrounds and the panel is scheduled to meet at least twice a year here to discuss, advise and consult with the bureau of emerging consumer financial issues.

Rafael Morales, public affairs and west coast program officer at the federation, said the above-named nominees are ones that notified the federation of their action, and others in the industry could also have been nominated.

Morales said credit unions, both within the CDCU movement as well as the "broader credit union world," are well-suited for membership to the advisory board.

"We don't know yet how many will be selected, but credit unions were created to maximize service to their members ahead of profits, and this consumer-oriented approach makes them ideal candidates to help guide this new agency," Morales added


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