CFPB opens application period for council memberships Monday

The federal agency charged with consumer financial protection will begin taking applications for membership on its consumer, community bank, credit union, and academic research councils Monday, according to a notice slated for Federal Register publication that day.

The councils advise the Consumer Financial Protection Bureau (CFPB) director (currently, Kathleen Kraninger) on issues under the bureau’s purview. The panels are the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). The CAB is the only panel required by statute; the other three were formed under the director’s authority to establish discretionary committees.

Membership of the advisory committees includes representatives of consumers, diverse communities, the financial services industry, academics, and economists, and appointments to the committees are “generally” for two years, the notice states. “However, the Director may amend the respective committee charters from time to time during the charter terms, as the Director deems necessary to accomplish the purpose of the committees,” it adds.

The bureau expects to announce the selection of new members in late-summer 2020, it states.

The application period ends at 11:59 p.m. ET on Feb. 27. The notice says applications will be available Jan. 13 at

Advisory Committees Solicitation of Applications for Membership (notice for Federal Register)

CFPB advisory panels (charters, membership rosters, charges)