The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or Credit Union Advisory Council (CUAC). Appointments to the Board are typically for three years and appointments to the CBAC and CUAC are typically for two years.
Membership in the Board is open to persons with expertise in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services, and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans. The notice indicates that “expertise” depends, in part, on “the constituency, interests, or industry sector the nominee seeks to represent, and where appropriate shall include significant expertise as a direct service provider to consumers.” Dodd-Frank directs the CFPB to seek Board members who represent the interests of industry and consumers.
Membership in the CBAC is open to individuals (1) with similar expertise or who represent community banks that primarily serve underserved communities or communities that have been significantly impacted by higher-priced mortgage loans, and (2) who are current employees of banks and thrifts with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
Membership in the CUAC is also open to individuals (1) with similar expertise or who represent credit unions that primarily serve underserved communities or communities that have been significantly impacted by higher-priced mortgage loans, and (2) who are current employees of credit unions with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
The CFPB states that it has a special interest in ensuring that women, minority groups and individuals with disabilities are adequately represented on the three advisory groups. It further states that because it also has a special interest in establishing a Board that is represented by diverse viewpoints and constituencies, the CFPB encourages applications for Board membership from candidates who represent U.S. geographic diversity and the interests of special populations identified in Dodd-Frank such as servicemembers and older Americans.
Applicants for the positions must submit a complete application package on or before March 1, 2017 to be considered for membership. (The application will be available online on January 16, 2017.) The CFPB expects to announce new members in August 2017.
