A new executive order requires the CFPB to terminate the Credit Union Advisory Council (CUAC). In addition, the bureau is instructed to eliminate the Academic Research Council and the Federal Deposit Insurance Corporation is instructed to eliminate the Community Bank Advisory Council.

“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,” said James Akin, America’s Credit Unions head of regulatory affairs. “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.”

Information on how this executive order and others will impact the industry will be added to the America’s Credit Unions Executive Order Tracker on an ongoing basis.