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Sep20

Luz Urrutia Appointed to CFPB CAB

Posted on Sep 20, 2018 by Gabriel Villarreal
Opportunity Fund CEO, Luz Urrutia, has been appointed to the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB).
 
Created in response to the predatory mortgage practices that precipitated the 2008 financial crisis, the CFPB is a government agency responsible for consumer protection in the financial sector. As we have written about in past blogs, the CFPB has been a critical and robust protector of consumers, setting important new rules on a variety of financial products and providing more than $11.7 billion in relief to more than 27 million consumers. Of particular interest to small business lenders like Opportunity Fund, Section 1071 of the Dodd-Frank Act tasks the CFPB with collecting and creating the first ever national data set evaluating small business financing. This initiative has not been implemented yet. 
 

Luz Urrutia

As one of nine members of the Consumer Advisory Board, Luz is committed to ensuring that the CFPB affirms and actively pursues its mission of protecting consumers from predatory financial practices and also follows through on the implementation of Section 1071 which would create much needed transparency in the small business lending field. Alongside a wealth of experience in financial services, she has a deep commitment to and passion for serving the underserved and providing access to responsible and affordable financial services for small businesses and consumers to help them build a better future.

 

Opportunity Fund has been a leader in bringing transparency and consumer protections to the small business lending space. A founding member of the Responsible Business Lending Coalition and co-author and original signatory of the Small Business Borrowers’ Bill of Rights (BBoR), Opportunity Fund has played an instrumental role in raising public awareness of the dangers of high-cost alternative lending products. Recently, Opportunity Fund played a key part in passing the nation’s first Truth in Lending Act for Small Businesses in the State of California, which is currently awaiting the Governor’s signature.  This bill sets a high bar that we hope will set a standard for the rest of the nation. 

 

In her tenure as CEO, Luz has kept these issues front and center, ensuring that our commitment to responsible lending for the benefit of underserved communities is at the core of all that we do. She is committed to doing the same in her capacity as a member of the CFPB’s Consumer Advisory Board and, working with the rest of the Board, providing the Agency with advice and insight so that it can fulfill its essential mission of consumer protection. Luz is honored to accept this appointment, and ready to get to work ensuring the CFPB receives factual information to assess the impact of emerging products, practices and services on consumers – including small businesses.

 

 

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