CFPB announces settlement on consumer task force

The Consumer Financial Protection Bureau settled a lawsuit alleging that its Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.

Settlement: The CFPB said it will publicly release by March 22 all task force records that would have been made public if the CFPB had complied with FACA requirements.

2021 Report: The task force last year issued a report recommending roughly 100 consumer financial services law reforms. In it, the task force recognized that credit unions are “subsidized entities through their tax status as not-for-profit cooperatives” but recommended allowing more credit unions to serve communities outside their common-bond membership.

Grassroots: Community bankers can continue urging Congress to hold hearings on the credit union tax exemption via a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.