The Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB) met last week. This was the first CAB meeting of this year. Participants included Credit Union National Association (CUNA) Associate General Counsel Jared Ihrig and other financial association personnel, media contacts, consumer rights attorneys, CFPB staff, and others.
During the meeting, Director Richard Cordray delivered prepared remarks where he focused a large portion of his comments on short-term small dollar credit availability and access for consumers. The meeting continued with a moderated discussion on Director Cordray’s remarks among the CAB members. There was a good amount of discussion around the regulation of payday lenders and non-bank entities, an area that CUNA has advocated the Bureau to become much more involved in going forward. Director Cordray’s comments also focused on student loan issues, credit card market matters, the agency’s consumer response function, broadening public participation in the Bureau’s rulemaking processes, the financial exploitation of military and elder Americans, and other issues, such as overdraft protection provided by financial institutions.