(Jan. 15, 2021) Applications for appointments to membership on one of four advisory committees that offer input from various sections of the financial industry, and for research projects by the agency, to the CFPB are now being taken, the bureau said this week. New members, selected through the application process, are expected to be announced in late summer, according CFPB.
Applications for membership in the bureau’s Credit Union Advisory Council (CUAC), Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), 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.”
Appointments to the committees are generally for two years.
The eight-person CUAC now includes executives of two NASCUS member credit unions (Brian Holst of Elevations Credit Union and Jeremiah Kossen of Town & Country Credit Union) and executives from three additional state-chartered credit unions (Racardo McLaughlin of TwinStar Credit Union, Monica Davis of Union Square Credit Union), Doe Gregerson of Landmark Credit Union).