Removing Barriers Blog

CFPB Announces Advisory Group Changes, Opens Applications
Posted March 21, 2019 by CUNA Advocacy

Today the CFPB announced several amendments to its advisory committee charters, including for the Credit Union Advisory Council (CUAC).  The CFPB’s other advisory committees are the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Academic Research Council (ARC).  

According to the CFPB’s release, the councils will “expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year.”  In addition, the membership terms will be extended from a one-year term to two-year terms, and the terms will be staggered.  For existing CUAC members, their one-year term will expire in September 2019.  However, a one-year term extension will be provided to half of the current members “in order to achieve the staggered terms and ensure continuity.”

The changes are the result of CFPB Director Kathy Kraninger’s solicitation of feedback from current and former advisory committee members during a three-month listening tour.  CUNA advocated for the CFPB to preserve the CUAC as a valuable resources and called on the Bureau to extend the members terms in order to provide stability to the council and ensure the members have the opportunity to gain experience in the Council’s process. 

In its release, the CFPB also announced that it will begin accepting applications for new council members.  The Bureau will accept applications for 45 days, beginning with a notice to be published in the Federal Register.

If you are interested in being nominated by CUNA for a seat on the CUAC, please reach out to Alexander Monterrubio, Senior Director of Advocacy & Counsel at amonterrubio@cuna.coop.