Wednesday, May 28, 2014


News Item:  CFPB to Open Advisory Board and Council Meetings to Public

"In the face of growing criticism over its practice of conducting most of its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council meetings behind closed doors, the CFPB announced last week that: " To provide more transparency and to be responsive to the requests we've received, we're changing the format of our Board and Council meetings and opening these full meetings to the public."

It was quite refreshing to note that an NCUA spokesman followed up almost immediately with:

"... a reaffirmation of our long-held policy of full transparency for all meetings of our Credit Union, Consumer, and Research Advisory Boards and Councils. NCUA's policy has been, and will continue to be, to never meet with these groups behind closed doors.  Transparency is a core value of our Agency."   

When asked when the next open meeting of one of NCUA's Advisory Boards or Councils was scheduled? The Agency spokesman said,....

Say What?

"Well, it will be held just as soon as we get around to forming a credit union, consumer, or research advisory board or council. What's the rush?"

... which, of course, is quite consistent with NCUA's recent public declaration that transparent disclosures to credit union members...

 "would speak to an audience that does not exist".
(NCUA "Open" Board Meeting - 4/24/2014 - at minute 37:00)

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