Removing Barriers Blog

CFPB Invites Applications for Credit Union and Consumer Advisory Boards
Posted January 15, 2016 by CUNA Advocacy

The CFPB is once again inviting the public to apply for appointment to its Consumer Advisory Board (Board) and Credit Union Advisory Council (CUAC). The announcement was published on January 15, and applications will be accepted until February 29, 2016.

Last year eight new credit union representatives, including six CUNA members, were selected by the CFPB for the CUAC. Several other CUNA members were also already sitting on the CUAC. Eights seats on the Credit Union Advisory Council will become vacant in the fall of 2016 and seven seats on the Consumer Advisory Board will become vacant in the fall of 2016.

The CFPB notes that this is what they are looking for in applicants:

  • Experts in consumer protection, community development, consumer finance, fair lending, and civil rights

o   Experts in consumer financial products or services

o   Representatives of banks that primarily serve underserved communities

o   Representatives of communities that have been significantly impacted by higher priced mortgage loans

o   Current employees of credit unions and community banks

o   Academics (Experts in research methodologies, framing research questions, data collection, and analytic strategies.)

The Bureau also states that it has a special interest in ensuring that the perspectives of women and men, all racial and ethnic groups, and individuals with disabilities are adequately represented on the Board and Councils, and therefore, encourages applications from qualified candidates from these groups. The Bureau also has a special interest in establishing a Board that is represented by a diversity of viewpoints and constituencies, and therefore encourages applications from qualified candidates who:

1. Represent the United States' geographic diversity; and

2. Represent the interests of special populations identified in the Dodd-Frank Act, including service members, older Americans, students, and traditionally underserved consumers and communities.

Appointments to CFPB councils are generally for two years, but can be modified by the CFPB director. The CUAC is permitted to have between 15 and 20 members at any given time.

Click here for more information about how to apply.