OLYMPIA, Wash.–Kevin Foster-Keddie, president and CEO of Washington State Employees CU, has been named chairman of the CFPB’s Credit Union Advisory Council by CFPB Director Richard Cordray.
The Credit Union Advisory Council was created to give CFPB leadership insight into the daily operations of credit unions and access to direct feedback from credit union leaders.
“WSECU has served public employees in Washington State for over 50 years and we know how hard public employees work both here and in the other Washington,” said Foster-Keddie in a released statement. “I am grateful to have an opportunity to work with Director Cordray and his team to help inform them of the unintended consequences that their efforts to assist consumers can often have, and to advocate on behalf of our industry. I look forward to hearing from credit unions across the state and bringing their concerns directly to Director Cordray’s office.”
In prepared remarks delivered during a meeting of the Advisory Council earlier this month, Cordray said, “We started this advisory body to give us more insight into the daily operations of credit unions. Over the past few years, we have come to rely on it as a key source of information, analysis, and recommendations to better inform our work.”
The meeting was convened to get credit union input on electronic payment systems and the imminent evolution of faster payment systems. Within payments, Cordray said CFPB has three primary areas of concern: transparency, security, and access.