On January 16, the CFPB announced it is accepting applications for membership on the Consumer Advisory Board (CAB), Community Bank Advisory Council, and Credit Union Advisory Council.
Members of the CAB and the Advisory Councils include representatives of consumers, communities, and the financial services industry, as well as academics. Membership on the CAB lasts three years. As we previously discussed, the CAB’s mission is to identify and assess the impact of emerging products, practices, or services on consumers and other market participants.
Appointments to the Community Bank Advisory Council and Credit Union Advisory Council are for 2 years – these groups meet various times per year and provide the CFPB with input on banks and credit unions with less than $10 billion in assets. Membership is limited to employees of bank/thrifts and credit unions with less than $10 billion in assets that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
The application deadline is February 28, 2015.