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News Now

Washington
CFPB receives 1800 advisory board nominations
WASHINGTON (5/1/12)--More than 1,800 people contacted the Consumer Financial Protection Bureau (CFPB) regarding nominations for membership to the bureau's Consumer Advisory Board (CAB), according to a communication sent to nominees and those who nominated them.

The CFPB said it will review each nomination and then select a group of "knowledgeable, experienced and committed individuals; representing a diversity of perspectives and backgrounds, to serve the consumer interest."

The CFPB is developing the consumer advisory panel to help keep abreast of emerging trends and practices in the financial services and products industry.

Credit union officials and their representatives are among those nominated. The Credit Union National Association (CUNA) has met with several CFPB officials to work to ensure credit union candidates are given full consideration for the board.

CUNA submitted a list of 28 nominees from credit unions across the country. CUNA President/CEO Bill Cheney indicated at the time that the work of the advisory board will be enhanced if members are from credit unions or credit union leagues.

CUNA also has encouraged the bureau to proceed with assembling its planned Credit Union Advisory Council. CUNA urged that nominees that are not accepted for the consumer board be considered for the CFPB's credit union advisory board.

The CFPB communication to CAB nominees said a further public status update will not be made until the final board is selected. However, nominees selected as semi-finalists will participate in a phone interview and be required to complete a financial disclosure.


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