The Consumer Financial Protection Bureau (CFPB) – the federal agency charged with writing and enforcing federal consumer financial protection rules under the Dodd-Frank financial reform law – is inviting applications for membership on three advisory bodies to help inform the bureau’s activities.
Members on the advisory bodies – the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC) and Credit Union Advisory Council (CUAC) – are selected by the CFPB director and include representatives of consumers, communities, the financial services industry and academics. The board can include members from depository institutions generally; the community bank and credit union councils can only take current institution employees, and institutions represented on the two councils must be $10 billion in assets or smaller and not be affiliates of larger institutions.
All three bodies are to include experts 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 communities significantly affected by higher-priced mortgage loans, among other factors.
Appointments to the CAB are typically for three years and appointments to the CBAC and CUAC are typically for two years.
Applications will be available online here March 19, and announcement of selections is expected in September, the CFPB said.