WASHINGTON (1/19/16)--Nominations for membership to the Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) are open until Feb. 29, and new members will be announced in August.
The Consumer Financial Protection Bureau (CFPB) published its request for applications for membership in the Federal Register Friday.
Last year eight new credit union representatives, including six members of the Credit Union National Association (CUNA), were selected by the CFPB for the CUAC. Several other CUNA members were also already sitting on the CUAC.
Both the CUAC and CAB’s purposes are to assemble experts in consumer protection, financial services, community development, fair lending and civil rights and consumer financial products or services.
Representatives of depository institutions that primarily serve underserved communities, as well as communities that have been significantly impacted by higher-priced mortgage loans, are also encouraged to apply to both the CUAC and CAB.
Only current credit union employees, such as CEOs, compliance officers and governmental relations officials, will be considered for CUAC membership. Membership is limited to employees of credit unions with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
Appointments to the board are typically for three years and appointments to the councils are typically for two years. However, the CFPB director may amend the respective board and council charters during the charter terms, as the director deems necessary to accomplish the purpose of the board and councils.