The Consumer Financial Protection Bureau started accepting applications to join three of its four independent advisory groups, which give formal input on everything from consumer engagement, to policy development to research.
In the fall of 2017, seven seats on the Consumer Advisory Board, two seats on the Community Bank Advisory Council and six seats on the Credit Union Advisory Council will become available. The Academic Research Council is the only group not accepting applications.
“To be sure that we hear from a variety of experts with diverse viewpoints, we set up the Consumer Advisory Board, the Community Bank Advisory Council, and the Credit Union Advisory Council,” the bureau stated on the application page. “These advisory groups provide us with information about emerging trends and practices in the consumer financial marketplace. They also allow us to hear directly from small financial institutions.”
The application process opened up earlier this month, and the deadline to apply is March 1.
The four groups fall under the CFPB’s Dodd-Frank requirements. According to the act, in appointing members to the board, “the Director shall seek to assemble experts in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans, and seek representation of the interests of covered persons and consumers, without regard to party affiliation.”
Here’s a quick list of what the bureau is looking for:
- Experts in consumer protection, community development, consumer finance, fair lending, and civil rights
- Experts in consumer financial products or services
- Representatives of banks that primarily serve underserved communities
- Representatives of communities that have been significantly impacted by higher priced mortgage loans
- Current employees of credit unions and community banks
- Academics (Experts in consumer finance markets and underserved populations)