The CFPB has published notices in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC), Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or Credit Union Advisory Council (CUAC). Appointments to the ARC and Board are typically for three years and appointments to the CBAC and CUAC are typically for two years.
The ARC currently has six members and the CFPB is seeking to fill three additional seats. The CFPB seeks “tenured academics with a world class research and publishing background, and a record of public or academic service.” Applicants should be “prominent experts who are recognized for their professional achievement and objectivity in economics, statistics, psychology or behavioral science.” In particular, the CFPB is looking for “academics with strong methodological and technical expertise in structural or reduced form econometrics, modeling of consumer decision-making, behavioral economics, experimental economics, program evaluation, psychology, and financial choice.”
Membership in the Board is open to persons with expertise in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services, and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans. The notice indicates that “expertise” depends, in part, on “the constituency, interests, or industry sector the nominee seeks to represent, and where appropriate shall include significant expertise as a direct service provider to consumers.” Dodd-Frank directs the CFPB to seek Board members who represent the interests of industry and consumers.
Membership in the CBAC is open to individuals (1) with similar expertise or who represent community banks that primarily serve underserved communities or communities that have been significantly impacted by higher-priced mortgage loans, and (2) who are current employees of banks and thrifts with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
Membership in the CUAC is also open to individuals (1) with similar expertise or who represent credit unions that primarily serve underserved communities or communities that have been significantly impacted by higher-priced mortgage loans, and (2) who are current employees of credit unions with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
The CFPB states that it has a special interest in ensuring that women, minority groups and individuals with disabilities are adequately represented in all of the advisory groups. It further states that because it also has a special interest in establishing a Board that is represented by diverse viewpoints and constituencies, the CFPB encourages applications for Board membership from candidates who represent U.S. geographic diversity and the interests of special populations identified in Dodd-Frank such as servicemembers and older Americans.
Applicants for the ARC positions must submit a complete application package on or before February 12, 2016 to be considered for membership. The CFPB expects to announce new ARC members in April 2016. Applicants for the other positions must submit a complete application package on or before February 29, 2016 to be considered for membership. The CFPB expects to announce new Board, CBAC and CUAC members in August 2016.