WASHINGTON (1/21/15)--Eight seats on the Consumer Financial Protection Bureau's (CFPB) Credit Union Advisory Council (CUAC) will become vacant in the fall, and the bureau is currently accepting applications.

According to the bureau, it is looking for:

• Experts in consumer protection, community development, consumer finance, fair lending and civil rights;
• Experts in consumer financial products or services;
• Representatives of financial institutions that primarily serve underserved communities;
• Representatives of communities that have been significantly impacted by higher priced mortgage loans;
• Current employees of credit unions and community banks; and
• Academics (experts in research methodologies, framing research questions, data collection and analytic strategies).

The CUAC was formed to ensure the bureau heard from smaller credit unions that fall outside its regulatory scope but will still be impacted, in some form, by CFPB regulations or actions. The council will generally advise the bureau on how its regulation of consumer financial products or services will affect credit unions with less than $10 billion in assets.

The group may also take on other topics, as assigned by CFPB Director Richard Cordray. The CUAC generally holds four meetings each year.

In addition to the open seats on the CUAC, 10 seats on the Consumer Advisory Board and seven seats on the Community Bank Advisory Council will also open up in the fall.