CDCUs Seek Advisory Role at CFPB

Press Announcement

For Immediate Release

Contact: Rafael O. Morales, Public Affairs & West Coast Prog. Officer|rmorales@cdcu.coop|800-437-8711 x206

Consumer Financial Protection Bureau Logo(April 9, 2012 – New York, NY) In February, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced that the Bureau would be accepting nominations for its Consumer Advisory Board (CAB). Nominations were open to individuals nationally, though the Bureau was especially interested nominees with backgrounds in consumer protection, financial services, fair lending, civil rights, consumer financial products and services, and/or community development.

Given these criterion, the National Federation of Community Development Credit Unions (Federation) encouraged representatives from community development credit unions (CDCUs) nationwide to consider nominating themselves to the CAB by the Bureau’s March 30 deadline. Based on reports from its members, the Federation has identified at least 3 CDCU nominees, including Bernard Balsis, President of the IEG Federal Credit Union (Hilo, HI); Gary Bell, CEO of Cooperative Center Federal Credit Union (Berkeley, CA); and Laura McKinley, Interim President and CEO of Georgia Coastal Federal Credit Union (Brunswick, GA).

“Community development credit unions have decades of experience developing and delivering affordable, high-impact financial products designed for the low- and moderate-income communities they serve,” explained Rafael O. Morales, Public Affairs & West Coast Program Officer at the Federation. “We feel strongly that this background and experience in serving underserved communities will help make the CAB a great resource for the Bureau and for consumers nationwide.”

According to the Bureau, the CAB will be comprised of approximately 20 individuals with varied backgrounds and innovative ideas about how to help protect consumers. The CAB will meet in Washington, D.C. at least twice a year to discuss, advise and consult with the Bureau on emerging consumer financial issues.

“These CDCU nominations are only the ones we were notified about, but we are hopeful that other credit union leaders, both from within the CDCU movement as well as the broader credit union world, also submitted their nomination. 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.

About the Federation: The National Federation of Community Development Credit Unions (Federation) is a certified CDFI Intermediary representing more than 235 community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to more than 1.7 million residents of low-income urban, rural and reservation-based communities across the United States, and hold over $13 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Colorado Springs, CO; Madison, WI; and San Francisco, CA. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit: www.cdcu.coop.

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