; (II) be a voting member of the Board; and (III) be eligible to be elected by the Board to serve as chairman or vice chairman of the Board; and (ii) shall not be subject to the terms or compensation requirements described in this paragraph that are applicable to the other members of the Board. (D) Additional board members Each member of the Board (excluding the Secretary) shall be appointed by the Secretary. (E) Terms (i) In general Each Board member, except for the Secretary and the Board members described in clause (ii)(II), shall serve 5-year terms. (ii) Initial members (I) First 3 members The first 3 members confirmed to serve on the Board after the date of enactment of the PROSPER Act shall serve for 5-year terms. (II) Other members The fourth, fifth, and sixth members confirmed to serve on the Board after such date of enactment shall serve for 3-year terms. (iii) Reappointment The Secretary may reappoint a Board member for one additional 5-year term. (iv) Vacancies (I) In general Not later than 30 days after a vacancy of the Board occurs, the Secretary shall publish a Federal Register notice soliciting nominations for the position. (II) Filling vacancy Not later than 90 days after such vacancy occurs, such vacancy shall be filled in the same manner as the original appointment was made, except that— (aa) the appointment shall be for the remainder of the uncompleted term; and (bb) such member may be reappointed under clause (iii). (F) Membership qualifications and prohibitions (i) Qualifications The members of the board, other than the Secretary, shall be appointed without regard to political affiliation and solely on the basis of their professional experience and expertise in— (I) the management of large and financially significant organizations, including banks and commercial lending companies