Rounds, King Reintroduce Bill to Give Small Businesses, Community Banks and Credit Unions a Say in CFPB Decision Making

Rounds, King Reintroduce Bill to Give Small Businesses, Community Banks and Credit Unions a Say in CFPB Decision Making 

WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Banking Committee, and U.S. Sen. Angus King (I-Maine), today reintroduced bipartisan legislation to make sure small businesses, community banks and credit unions will always have a strong voice in the rulemaking process at the Consumer Financial Protection Bureau (CFPB) by establishing three permanent advisory panels. S.1963, the Bureau of Consumer Financial Protection Advisory Board Enhancement Act, would codify two existing advisory boards, the Community Bank Advisory Council and the Credit Union Advisory Council, and would create an additional advisory committee for small businesses. 

“It is crucial that rural states like South Dakota have a seat at the table when the CFPB decides to write new rules that can dramatically impact their economies,” said Rounds. “The bipartisan legislation that Senator King and I introduced will make sure small businesses, local credit unions and community banks are appropriately represented in the CFPB’s rulemaking process. If we can’t get rid of the CFPB entirely, we should at least be able to exert control over this bureaucracy.”

“Small businesses, community banks and credit unions are powerful forces in America’s economy, with rural communities across the nation relying on them to help create jobs and grow the economy,” said King. “That’s why these institutions deserve a seat at the table as the CFPB makes important and far-reaching financial decisions. I’m proud to stand with Senator Rounds, my fellow former governor, to help give them a voice on behalf of rural America.”

The CFPB is an independent agency created by Dodd-Frank responsible for consumer protection of the financial sector. It currently has four advisory groups that help it set policy, though only one – the Consumer Advisory Board – is required by Dodd-Frank. Rounds and King previously introduced this legislation during the last Congress. In addition to establishing three permanent advisory panels, the bill would require each committee to adequately represent members from rural or underserved areas. 

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