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News Now

Washington
CFPB meets CUNA request for CUAC deadline extension
WASHINGTON (2/26/14)--The deadline for applications to the Consumer Financial Protection Bureau's Credit Union Advisory Council has been extended to March 14, CFPB Deputy Director Steve Antonakes said Tuesday morning.

Click to view larger image At CUNA's Governmental Affairs Conference Tuesday, CFPB Deputy Director Steve Antonakes tells credit unions he recognizes that losing market share to competitors that prioritize their earnings over serving the consumer is a drag on credit unions. (CUNA Photo)
The extension was granted at the request of the Credit Union National Association (CUNA). Antonakes told CUNA the good news just before he spoke at the morning session of CUNA's 2014 Governmental Affairs Conference.

In his remarks before GAC attendees, Antonakes said he brought a deep respect for credit unions with him when he came to join the CFPB in Washington. The bureau and credit unions share the goal of protecting consumers, Antonakes said.

The CFPB official said he recognizes that losing market share to competitors that prioritize their earnings over serving the consumer is a drag on credit unions.

Regarding the CUAC announcement, there will be eight seats open on that panel this fall. The CUAC was formed to ensure that the CFPB hears from smaller credit unions that are outside of its regulatory scope but will still be impacted, in some form, by CFPB regulations and/or actions.

The CUAC advises the CFPB on how its regulation of consumer financial products or services will impact credit unions with less than $10 billion in assets, and takes on other topics.

The 15 current members of the CUAC are:
  • Bernard Balsis, Independent Employers Group FCU, Hilo, Hawaii;
  • Rose Bartolomucci, Towpath CU, Fairlawn, Ohio;
  • Gary Bell, Cooperative Center FCU, Berkeley, Calif.;
  • John Buckley, Gerber FCU, Fremont, Mich.;
  • Carla Decker, District Government Employees FCU, Washington, D.C.;
  • Ron Ehrenreich, Syracuse (N.Y.) Cooperative FCU;
  • Kevin Foster-Keddie, Washington State Employees CU, Olympia, Wash.;
  • Mitchell Klein, Police and Fire FCU, Philadelphia;
  • Lily Lo, Northeast Community FCU, San Francisco;
  • Maria Martinez, Border FCU, Del Rio, Texas;
  • Marcus Schaefer, Truliant FCU, Winston-Salem, N.C.;
  • Camille Shillenn, Unified People's CU, Cheyenne, Wyo.;
  • Helen Godfrey Smith, Shreveport (La.) FCU;
  • Gregg Stockdale, 1st Valley CU, San Bernardino, Calif.; and
  • David Wright, Services Center FCU, Yankton, S.D.


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