Following Push by King, Maine Small Banks Win Voice on CFPB Advisory Council

Press Release

U.S. Senator Angus King (I-Maine) today applauded the appointment of Julia DeBery, a Senior Vice President at Bath Savings Institution, to serve on the Consumer Finance Protection Bureau's (CFPB) Community Bank Advisory Council. As a member of the advisory council, DeBary, whose appointment Senator King has actively supported for the past two years, will bring the voice of Maine's community banks into important discussions and decisions about the CFPB's policy development, rulemaking, and engagement work.

"With Julia's appointment, Maine has a strong voice at the table as the CFPB works to protect American consumers‎," Senator King said. "Community banks are critical catalysts for growth in our state and nation, and I am confident that Julia will be a valued member of the Council who will work hard ‎with the CFPB to ensure that federal regulations make sense for small banks and the communities they serve."

DeBery is the Senior Vice President Risk Management & Internal Audit at Bath Savings Institution. Senator King has written two letters of support -- one this year and one in 2014 -- urging CFPB to consider her for a position on the Community Bank Advisory Council.

Senator King is a strong proponent of community banks and the positive impact they have by promoting growth in Maine. Last year, he helped pass legislation to make sure that small banks and credit unions are not burdened by regulations meant for much larger financial institutions, and has more recently introduced bipartisan legislation that would make the CFPB advisory councils, including the Community Bank Advisory Council, permanent bodies to ensure that small financial institutions continue to have a voice in the agency's rulemaking process.

The Consumer Finance Protection Bureau (CFPB) is a federal agency that aims to help consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. The CFPB has created several advisory councils that provide industry input an inform the agency's work. The Community Bank Advisory Council advises the CFPB on regulating consumer financial products or services and shares the unique perspectives of community banks. Council members share information, analysis, and recommendations to better inform CFPB policy development, rulemaking, and engagement work. The Council has between 15-20 members who are appointed by the CFPB Director.

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