WASHINGTON—The 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 terms.
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.
New CUAC Charter
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, and as CUToday.info has reported, legislation in the House would return the Councils to their original size.
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, according to the CFPB.