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Applications to serve on the CFPB's Credit Union Advisory Council, Consumer Advisory Board and Community Bank Advisory Council are due March 1. The CFPB will announce newly selected members in August.

The CUAC has 15 members, each from credit unions having $10 billion or less in assets. Newly appointed members will serve two-year terms. Its charge, defined by the Dodd-Frank Act, is to provide direct feedback to CFPB on its policy development, research, rulemaking and engagement functions.

Several NAFCU members currently serve on the CFPB's CUAC.

CAB was created by the Dodd-Frank Act to advise and consult with the bureau on its functions and on emerging trends and practices in the consumer financial markets. To fill it, the bureau seeks out experts in the policy areas it focuses on – consumer protection, financial services, community development, fair lending – and representatives from depository institutions that primarily serve underserved communities. It must also seek representation of covered persons and consumers "without regard to party affiliation."

Any NAFCU members interested in a seat on the councils or board should contact NAFCU Regulatory Affairs Counsel Andrew Morris at amorris@nafcu.org.