Removing Barriers Blog

CFPB Seeking Applications for Credit Union Advisory Council and Consumer Advisory Board
Posted January 06, 2017 by narorastg

The CFPB will be seeking applicants for the Credit Union Advisory Council (CUAC) and the Consumer Advisory Board (CAB) starting January 16, 2017, and the complete application packets must be submitted by March 1, 2017. A live link will be available when the application period begins. The CAB has seven open seats and the CUAC has six open seats. 

The CFPB notes that it is inviting applications from individuals with the following expertise: 

For the CAB, the statute outlines member criteria for: 

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

  • experts in consumer financial products or services; 

  • representatives of banks that primarily serve underserved communities; and 

  • representatives of communities that have been significantly impacted by higher priced mortgage loans. 

  • Along with the statutory requirements above, the Unified Agenda is used as additional criteria for reviewing applicants with expertise in one or more of the following areas:  

    • Payday & Auto Loans; Overdraft & Deposits; Mortgage-Origination, Compliance; Credit Reporting, Cards, Payments; Financial Education; Debt Collection; Mortgage – Underserved Populations, Niche Products; Underserved Populations, Financial Technologies and Consumer Protection. 
  • For the CUAC – current employees of credit unions with total assets of $10 Billion or less. 

Applicants will need the following: 

  1. recommendation letter from a third party describing the applicant’s interests and qualifications to serve on the Board or Council; 
  2. résumé or curriculum vitae for the applicant;

  3. complete application (provided online); and 
  4. a one page cover letter which summarizes the nominees’ expertise and provides reason(s) why he/she would like to join the Board or Council. 

CUNA invites all interested applicants to contact Leah Dempsey for more information or help with the process at ldempsey@cuna.coop