The three advisory councils of the federal consumer financial protection bureau convened Thursday for the first time after being reconstituted, and in what is reportedly the first joint gathering of all three panels.
The councils – the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC) – met at headquarters of the Bureau of Consumer Financial Protection (BCFB, formerly known as CFPB), with brief introductory remarks given at the start of the afternoon’s public session (streamed live) by the bureau’s acting director, John (“Mick”) Mulvaney.
“This marks the first meeting of the experts from outside government that make up the Bureau’s new-look advisory committees, who are providing a wide array of new perspectives to consumer protection,” said Bureau Acting Director Mick Mulvaney. “We look forward to hearing high-quality feedback from these experts in consumer finance markets to inform the Bureau’s decision-making going forward.”
The bureau notes that the newly appointed members include experts in consumer protection, financial services, fintech, community development, fair lending, civil rights, and consumer financial products and services as well as representatives of community banks and credit unions. They are charged with identifying and assessing the impact of emerging products, practices, or services on consumers and other market participants.
Under revised charters signed this June, members of each of the three advisory panels serve one-year terms.