'CUAC' Members Will Offer CA and NV Perspective to Bureau

L-R: Teresa Campbell, CEO of San Diego County CU; and Rick Schmidt, CEO of WestStar CU.
L-R: Teresa Campbell, CEO of San Diego County CU; and Rick Schmidt, CEO of WestStar CU.

Included in the Bureau of Consumer Financial Protection's (BCFP) recent announcement of seven new members to its Credit Union Advisory Council (CUAC) are CEOs from California and Nevada.

Teresa Halleck Campbell, CEO of San Diego County CU (San Diego, CA), and Rick Schmidt, CEO of Weststar CU (Las Vegas, NV) have been appointed to CUAC. The California and Nevada Credit Union Leagues wrote letters of recommendation supporting both of these individuals in their application to serve.

In addition, the Leagues worked with Rick Schmidt to secure support letters from both of Nevada’s senators—Dean Heller (R-NV) and Catherine Cortez-Masto (D-NV).

Campbell and Schmidt will bring credit union expertise and knowledge to the bureau, highlighting the credit union difference and the industry’s unique business model.

“We would like to congratulate Teresa and Rick,” said Sharon Lindeman, vice president of regulatory advocacy for the Leagues. “We are extremely pleased to have them sharing the voice of credit unions on this important council.”

Click here to view the bureau’s CUAC announcement. Additionally, click here to view Heller’s nomination of Schmidt.

One CUAC Member’s Perspective
Schmidt said he hopes to keep credit union issues “front and center” as new CUAC members continue the efforts of prior councils.

“It’s important the BCFP understand the impact of regulations on our industry and on our ability to serve our members,” he said. “It’s also important to have insight into the thought process of the BCFP so we can understand why it is proposing specific regulations and how it hopes to improve products and services on behalf of consumers. Ultimately, the hope is to have regulations that protect consumers from excesses while allowing financial institutions—specifically credit unions—the ability to provide quality products and services without undue regulatory burdens and costs.”

WestStar has four staff dedicated to fraud and compliance efforts. For a credit union of its size ($166 million in assets), “that’s a sizeable commitment to just those two areas,” Schmidt said. If CUAC is able to help the BCFP apply its regulatory authority in a manner that better takes credit unions’ unique position into account, then hopefully WestStar and ultimately all credit unions will be able to better allocate and utilize staff in ways that serve members more efficiently and effectively, he said.

“CUAC should not operate in isolation,” Schmidt added. “It is important for credit union’s across the country individually and through the various leagues to communicate their issues and concerns to the members of the advisory council so we are better able to present detailed information and perspective to the BCFP staff. The more we hear from credit unions, the better able we will be to represent credit unions with the Bureau.”

Putting CUAC in Context
The other five credit union leaders appointed to the seven-member board include Arlene Babwah, vice president risk management for Coastal FCU; Sean Cahill, CEO of Southwest 66 CU; Christopher Court, vice president of accounting and operations for Service 1st FCU; James Hunsanger, chief risk officer for Michigan State University FCU; and Bryan Price, CEO of Indiana University CU.

The previous group of credit union leaders making up the CUAC were disbanded after new leadership took shape in coordination with a new presidential administration. The same action was taken with the bureau’s Consumer Advisory Board (CAB) and Community Bank Advisory Council (CBAC). Councils originally were between 15 – 20 members for two-year terms (17 were on the CUAC).

The BCFP’s announcement also came with announcements on new members appointed to the CAB and CBAC.

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