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NAFCU, through a Regulatory Alert sent yesterday, is seeking feedback from member credit unions on the CFPB's external engagements, including field hearings, town halls, roundtables and meetings of its Consumer Advisory Board and councils.

The CFPB issued the request for information (RFI) last month to help it determine the effectiveness of its external activities as it engages with stakeholders and the public to inform its actions.

In the Regulatory Alert, NAFCU noted that:

• the CFPB has historically conducted external engagements to discuss and receive feedback on its work;
• one of the bureau's councils, the Credit Union Advisory Council (CUAC), advises the CFPB about the effects of regulating consumer financial products or services from the unique perspectives of credit unions; and
• the CFPB in this RFI specifically seeks comments on the effectiveness of its current structures for soliciting stakeholder feedback, suggestions for strategies not currently utilized by the CFPB and recommendations for improving transparency.

This RFI is one of seven that the bureau has published to obtain public feedback on how to improve the CFPB's functions and outcomes for consumers and the entities it regulates. The bureau yesterday released its most recent RFI in the series on rulemaking processes; NAFCU will review and send a Regulatory Alert on the request soon.

Member credit unions can submit comments to NAFCU on the external engagements RFI until May 11; comments are due to the CFPB May 29. Other Regulatory Alerts can be found here.