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The Consumer Financial Protection Bureau is working to create a credit union advisory council that will represent credit unions of various asset sizes, locations and fields of membership, CFPB Director Richard Cordray told credit unions during a Feb. 8 NCUA webinar.

During Wednesday's NCUA webinar, Cordray said the council will likely consist of 15-20 members. The group would give the credit union perspective on bureau rules.

In a Feb. 2 letter to Cordray, NAFCU President and CEO Fred Becker reminded him of his Jan. 24 Senate Banking Committee testimony regarding the credit union advisory group and offered assistance in finding credit unions to serve on the panel. In his letter, Becker said NAFCU's membership represent the entire spectrum of the credit union industry.

"Whether the CFPB is interested in examining account opening disclosures or the complex mortgage lending process, NAFCU's membership includes professionals that could provide valuable insight on the day-to-day details and burdens that arise from specific regulatory requirements," said Becker.

The CFPB director also acknowledged there may be circumstances when the bureau's rules should be targeted toward only larger institutions, but he also noted that there would need to be a compelling reason for setting an exemption threshold. Cordray added that he understands credit unions' community-based business model and said the CFPB believes it's the type of model that should be fostered and encouraged.

Cordray also discussed current CFPB initiatives, such as the Know Before You Owe project for mortgage disclosures, recent rulemakings regarding remittance transfers and the agency's request for comments concerning its regulatory streamlining initiative.

During the webinar, NCUA Chairman Debbie Matz said the agency's final rule on credit union service organizations will be "quite different" from the rule the agency proposed in July 2011. Matz said the final rule will target CUSOs that are engaged in high-risk activities, such as lending and information technology. CUSOs involved in low-risk services, such as backroom operations, will feel much less of an impact, she explained.

Matz also said NCUA expects to approve its final rule on troubled debt restructuring in June.

NCUA will post an archived version of Wednesday's webinar to its website in the near future.