March 22, 2019

CFPB renews CUAC charter; member applications open

CFPBThe CFPB is renewing the Credit Union Advisory Council (CUAC) charter for two years, with some "enhancements" that include changes to membership of the council.

The council will remain filled with employees of credit unions with $10 billion or less in assets, but there will now be seven members that serve staggered, two-year terms. Currently, four NAFCU-member credit union representatives serve on the council.

Applications for CUAC membership are now open; those completed by May 5 will be considered. Half of the current members' terms will expire in 2019 and the other half are eligible to renew their terms to create a staggered council.

The bureau is looking for members that have expertise in community development, consumer protection, fair lending, debt collection and more. Information on how to apply is available here.

In August, the bureau released a new CUAC charter following an announcement from former Acting Director Mick Mulvaney that the bureau's councils and advisory boards would be reorganized. Under that charter, membership was dropped to six members serving one-year terms; previously, 15 to 20 credit union representatives sat on the council for two-year terms.

CUAC's mission remains to "serve to better inform the Bureau's policy development, rulemaking, and engagement functions as they relate to credit unions." CUAC and the other advisory councils will also now meet in-person three times a year, and will expand their focus to broad policy matters.

Those interested in serving on CUAC can contact NAFCU Director of Regulatory Affairs Ann Kossachev for more information and assistance applying.