The CFPB is seeking new members for its Consumer Advisory Board (CAB), Credit Union Advisory Council (CUAC), and Community Bank Advisory Council (CBAC). In a notice published in today’s Federal Register, the CFPB asks interested persons to submit applications by February 28, 2014.
Pursuant to Dodd-Frank, CAB membership is open to anyone with the requisite financial services expertise and the CFPB is directed to seek members who represent the interests of industry and consumers. Pursuant to their charters, membership on the CUAC and CBAC is limited to employees of, respectively, credit unions and banks and thrifts with 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 CAB meets three times per year and the CBAC and CUAC meet four times per year.
In its notice seeking applications, the CFPB states that it has “a special interest in ensuring that women, minority groups, and individuals with disabilities are adequately represented on the Board and Councils, and therefore, encourages applications from qualified candidates from these groups.” The CFPB further states that it also has “a special interest in establishing a Board that is represented by a diversity of viewpoints and constituencies.” Accordingly, the CFPB encourages applications from candidates who represent the country’s geographic diversity and “the interests of special populations identified in the Dodd-Frank Act, including service members, older Americans, students and traditionally underserved consumers and communities.”