The 15 members, all credit union executives, do not include representatives from the four credit unions holding more than $10 billion assets, which is a category that falls under the purview of the CFPB’s direct examination duties, CUTimes.com reports.
The information gleaned from the group, the council’s charter says, will be used to “better inform the CFPB’s policy development, rule-making and engagement functions,” according to CUTimes.com.
Council members are not compensated for their time or reimbursed for expenses related to their participation. The group is expected to meet four times per year, with at least two of the meetings to take place at the CFPB’s Washington headquarters. The other sessions will take place via conference call.
The CFPB was aiming to “assemble experts in consumer protection, financial services, community development, fair lending and civil rights, as well as representatives from credit unions that serve underserved communities and those that are located in areas that have been significantly impacted by higher-priced mortgage loans” in selecting council members, CUTimes.com reports.