adminThe CFPB has published its request for applications for membership on the CFPB Credit Union Advisory Council on its site. Specifically, the CFPB is looking for credit union personnel who are involved in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products. Additionally, the CFPB is interested in representatives of credit unions that primarily serve underserved communities. The applicant must be an employee of a credit union with total assets of $10 billion or less.
Kayce Bell, chief development officer at Alabama Credit Union, who currently serves on the council, shared her thoughts on membership: “In today’s regulatory environment, a seat on the CFPB’s CU Advisory Council offers credit unions a real opportunity to discuss overly burdensome regulations and the effects on credit unions and our members, and to differentiate ourselves from the ‘bad players’ who have caused problems in the consumer finance markets. The application and vetting process can be intimidating — successful applicants will be required to furnish household financial information, for example — but worth it, if you want to help represent CUs’ message to this powerful regulator. Under the CFPB’s transitional leadership by Interim Director Mulvaney, the work of CUAC promises to have a meaningful impact; most council meetings will now be open to the public, a welcomed step in transparency.”
Bell will be happy to discuss potential membership with anyone interested in applying. The LSCU thinks it is vital that we continue to have a presence on the advisory council to advocate for the unique space that credit unions fill as the most consumer friendly of financial institutions. By participating in the council, a member will have the ability to educate and influence policy makers that shape the regulatory environment by protecting the interests of consumers while maintaining a reasonable regulatory framework for credit unions to operate in.
If you have questions or a specific person to recommend, contact Mike Lee at Michael.lee@lscu.coop. Applications are due by April 23.
