The Consumer Financial Protection Bureau (CFPB) will accept applications to its Credit Union Advisory Council (CUAC) from July 3 – July 16.
“We can strengthen our credit union movement if we had at least one credit union leader from both California and Nevada on this advisory council,” said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues.
In addition to the CUAC, the bureau coordinates with its Consumer Advisory Board, Community Bank Advisory Council, and the Academic Research Council.
The CUAC advises the CFPB on regulating consumer financial products or services via the unique perspective of credit unions. It shares information, analysis, and recommendations to better inform policy development, rulemaking, and engagement work. All members represent Leagues/Credit Union National Association (CUNA)-affiliated member credit unions.
Since the CFPB does not have direct supervision over credit unions with assets of less than $10 billion, the CUAC is how the bureau learns firsthand about how its rules and regulations affect credit unions.
Credit unions with assets greater than $10 billion can apply for membership on the CFPB’s Consumer Advisory Board (CAB).
Members of the advisory committees serve two-year terms. Committee members are not compensated; however, they receive reimbursement for travel, lodging, and other expenses.
The Leagues highly encourage a credit union leader from each state — California and Nevada — to apply for membership on the CUAC or CAB! Only current credit union employees will be considered for membership.