CFPB Alters CUAC Charter, Extends Terms, Opens Applications

The Consumer Financial Protection Bureau (CFPB) announced Thursday amendments to its advisory committee charters, which include the Credit Union Advisory Council (CUAC). The CFPB also announced it will begin accepting applications for new council members for 45 days beginning with a notice to be published in the Federal Register.

According to the CFPB’s release, the councils will “expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year.”

CUNA strongly supports the CUAC and has supported legislation to codify its existence. During recent engagement between CFPB Director Kathy Kraninger and stakeholders, CUNA, leagues and credit unions called for the CFPB to preserve the CUAC, and to extend members’ terms in order to provide stability.

Membership terms will be extended from a one-year term to two-year terms, and the terms will be staggered. For existing CUAC members, their one-year term will expire in September. 

However, a one-year term extension will be provided to half of the current members “in order to achieve the staggered terms and ensure continuity.”

Additional details can be found on CUNA’s Removing Barriers Blog.

The CFPB’s other advisory committees are the Consumer Advisory Board, Community Bank Advisory Council, and Academic Research Council.