Northern Hills Federal Credit Union President/CEO, Floyd Rummel III, has been appointed to the Consumer Financial Protection Bureau’s Credit Union Advisory Council. The announcement was made by the CFPB last week; Rummel was selected from hundreds of credit union applicants and is the first South Dakota credit union leader to serve on this council.
The Consumer Financial Protection Bureau (CFPB) is a national government agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary or unduly burdensome regulations, by making rules more effective, consistently enforcing federal consumer financial law and empowering consumers to take more control over their economic lives. The Credit Union Advisory Council was created to advise and consult the Bureau on consumer financial issues related to credit unions.
“Having a seat at the table on the CFPB’s Credit Union Advisory Council is very exciting news for Dakota Credit unions that are meeting the financial needs in the communities they serve,” stated Jeff Olson, President/CEO of the Dakota Credit Union Association. “Floyd’s experience as credit union executive as well as chair of a correspondent corporate credit union will be a valuable asset in helping to guide the agency in their mission of helping consumers and not hurting them with harmful regulatory burdens or rules,” he added.
“I am very honored to have been chosen for the CFPB’s Credit Union Advisory Council,” stated Rummel. “I think it is very important for small and medium sized credit unions to have a voice on the issues that are being considered by the CFPB. In addition, having a representative from the Midwest is equally important, as we have a unique view on these topics that may be entirely different from large metropolitan areas. I look forward to working with Director Chopra and his staff as we navigate the complex financial climate that we are currently dealing with. I want to ensure that credit unions and their members are well represented and that their voices are heard at the national level, he added.
Rummel will serve a two-year term on the Credit Union Advisory Council with seven credit union leaders from across the country. For more information about recent appointments, click here.
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit consumerfinance.gov.
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