Applications for appointments to membership of one of four advisory committees that offer input from various sections of the financial industry, and for research projects by the agency, to the federal consumer financial protection agency are now being taken, according to a notice published Monday in the Federal Register.
New members, selected through the application process, are expected to be announced in late summer, according to the Consumer Financial Protection Bureau (CFPB). Deadline for submitting an application is Feb. 24.
The bureau said it is taking applications for membership in its Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). According to the bureau, membership in the committees includes representatives of consumers, diverse communities, the financial services industry, academics, and economists.
Qualification for membership goes beyond experts in the industry to those who have been affected by events or decisions of the industry, according to the notice. It states that membership is also open to “representatives of communities that have been significantly impacted by higher-priced mortgage loans, and seek representation of the interests of covered persons and consumers, without regard to party affiliation.”
“Expertise,” the notice states, depends partly on the constituency, interests, or industry sector the nominee seeks to represent, “and where appropriate, shall include significant experience as a direct service provider to consumers.”
Appointments to the committees are generally for two years. “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,” the agency said in its announcement.