CFPB on September 12 announced the appointment of 25 people to its newly formed Consumer Advisory Board which will provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.
“This group of experts truly represents the interests of the diverse people and communities we serve,” said CFPB Director Richard Cordray. “The Consumer Advisory Board will be a key resource to the CFPB and I look forward to working with its members to further our mission to protect American consumers.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to advise and consult with the Bureau’s director on a variety of consumer financial issues. In February, the CFPB issued a Federal Register Notice outlining the board’s responsibilities and the duties of its members and solicited recommendations for nominees.
The newly appointed board members include experts in consumer protection, financial services, community development, fair lending, civil rights, and consumer financial products or services. They also represent depository institutions that primarily serve underserved communities, and they represent communities that have been significantly impacted by higher-priced mortgage loans.
The first meeting of the Consumer Advisory Board will take place Sept. 27, 2012 and Sept. 28, 2012 in St. Louis, Mo. By statute, the board will meet no less than twice per year. Members will have staggered three-year terms.
CFPB also announced appointments for two additional advisory councils that will provide the CFPB with feedback and recommendations to inform its policy development, research, rulemaking, and engagement functions. These groups are the Credit Union Advisory Council (CUAC) and the Community Banks Advisory Council (CBAC). The Dodd-Frank Act gives the CFPB authority to create advisory councils as an additional way to reach out to stakeholders with an interest in the CFPB’s activities.
Members of the CBAC and the CUAC are appointed by the CFPB Director and must be employed by a company with total assets of $10 billion or less, and cannot be affiliates of companies with total assets of more than $10 billion.
The CBAC and CUAC will convene publicly and provide public summaries or reports of their meetings. Members on both councils will serve two-year terms; they are not eligible for reappointment. CBAC’s first meeting will be Oct. 10, 2012. CUAC’s first meeting will be Oct. 11, 2012
The CFPB conducts research, performs analysis, and reports on topics relating to the Bureau’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. To support the Bureau’s commitment to fact-based policy development, the CFPB established the Academic Research Council, a consultative body comprised of scholars with relevant subject matter expertise. The council advises the CFPB on research methodologies, data collection, and analytic strategies, and provides feedback regarding the Bureau’s research and strategic planning process.
The Academic Research Council will meet in-person once annually and maintain ongoing communications throughout the year. The first in-person meeting of the council was held July 27, 2012.