January 14, 2014

CFPB seeks names for CU, consumer panels

Jan. 15, 2014 – CFPB is taking applications until Feb. 28 for seats on its Consumer Advisory Board, Credit Union Advisory Council and Community Bank Advisory Council.

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 etc. – 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."

Membership on the Credit Union Advisory Council, created to provide the credit union perspective on consumer financial protection issues, is limited to employees of credit unions not larger than $10 billion in assets and not affiliated with any depository institution over that size.

There are currently two representative on CAB – Laura Castro de Cortés of Centris FCU in Omaha (a NAFCU member); and Bill Bynum of Hope FCU in Jackson, Miss.

Application procedures are detailed in a notice slated for publication in today's Federal Register. NAFCU members interested in applying can contact PJ Hoffman, NAFCU's regulatory affairs counsel, by email to