Industry stakeholders interested in participating in the Consumer Financial Protection Bureau’s (CFPB) advisory committee program have until May 5 to get their completed applications to the bureau for consideration.
The CFPB advisory committee program includes the Consumer Advisory Board (CAB), Academic Research Council (ARC), Community Bank Advisory Council (CBAC) and Credit Union Advisory Council (CUAC).
To be considered, interested parties must include the following materials in their packets:
- A recommendation letter from a third party describing the applicant’s interests and qualifications to serve on an advisory committee;
- A cover letter explaining the applicant’s interest and qualifications;
- A resume or curriculum vitae for the applicant;
- A completed application submitted by the deadline, May 5.
The application is available online here, along with PDF versions which may be uploaded to the CFPB system.
Note: The May 5 deadline, which marks 45 days from the publication of the bureau’s call for applications in the Federal Register, falls on a Sunday, meaning prospective applicants would be well-advised to act accordingly to ensure they will be considered.
Effective fiscal year 2020, the CFPB will expand the committees’ focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year, the bureau stated. The CAB, CBAC and CUAC will continue their joint public meetings, meaning the committees which previously met at total of seven times each year will meet three times annually moving forward. The ARC will meet separately, in-person and twice annually. ARC also is being elevated to a director-level advisory committee.
The bureau is seeking applicants meeting any of the following descriptions:
- Experts in consumer protection, community development, consumer finance, fair lending and civil rights;
- Experts in consumer financial products or services, including consumer reporting, debt collections and debt relief;
- Representatives of banks and credit unions 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 (experienced economists with a strong research and publishing or practitioner background, and a record of involvement in research and public policy, including public or academic service).
CFPB Director Kathy Kraninger announced that the agency was accepting applications for new committee members in March and also detailed numerous recommended changes to the committees in terms of focus, meeting frequency and membership terms.