UPDATED: CFPB advisory panels to meet 3 times a year effective FY2020, terms extended; applications welcome

This has been updated to include a link to the March 22 Federal Register notice soliciting advisory council membership applications.

Changes affecting the membership and meetings frequency of the Consumer Financial Protection Bureau’s (CFPB) research council and consumer, bank, and credit union advisory councils were announced Thursday by bureau Director Kathleen (“Kathy”) Kraninger.

The bureau also said will begin now to accept applications for membership on the panels; applications will be due May 5, according to Federal Register notices scheduled for publication Friday.

Changes to the panels are as follows:

  • Effective fiscal year 2020, the bureau’s Consumer Advisory Board (CAB), Academic Research Council (ARC), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC) will expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year.
  • The CAB, CBAC, and CUAC will continue their joint public meetings. The ARC will meet separately, in-person and twice a year. Additionally, the ARC is being elevated to a director-level advisory committee, the bureau said.
  • Membership terms for the committees will be extended from a one-year term to two-year terms, and terms will be staggered.
  • The one-year term of all existing members expires September 2019. A one-year term extension will be provided to half of the current members in order to achieve the staggered terms and ensure continuity.
  • In addition to a chair, each committee will be assigned a vice-chair, the bureau said. Both the chair and the vice-chair will serve one-year terms in their respective positions, with the vice-chair assuming the chair position the following year.

The changes announced Thursday revise many of those implemented by former Director John (“Mick”) Mulvaney, and which are now the subject of legislation slated for mark-up next Tuesday by the House Financial Services Committee. Mulvaney had revised the councils’ charters to provide for only six members each, with each member serving one year and the panels meeting less frequently.

“I’ve seen firsthand how the Bureau benefits from the valuable input provided by committee members. I have also seen how the joint committee meeting is resulting in members sharpening their ideas by engaging in a thorough dialogue,” Kraninger said in a statement with Thursday’s announcement. “These enhancements demonstrate my commitment to ensuring that the Bureau’s advisory committees are helping to improve our work on behalf of consumers.”

Kraninger signed renewed and revised charters for all four panels Tuesday that provide for “approximately” seven members each for the CBAC and CUAC, 10 for CAB, and eight for the research council.

Applications for membership on the above panels are welcome now. CFPB said it is looking for the following:

  • Experts in consumer protection, community development, consumer finance, fair lending, and civil rights
  • Experts in consumer financial products or services, including consumer reporting, debt collections, and debt relief
  • Representatives of banks and credit unions that primarily serve underserved communities
  • Representatives of communities that have been significantly impacted by higher priced mortgage loans
  • Current employees of credit unions and community banks
  • Academics (experienced economists with a strong research and publishing or practitioner background, and a record of involvement in research and public policy, including public or academic service)

CFPB Announces Enhancements to Advisory Committees and Opening of Member Applications

Advisory Committees Solicitation of Applications for Membership (Federal Register notice)

We are accepting applications for our Advisory Committees

CAB charter;  CBAC charter;  CUAC charter;  ARC charter

Calendar: Mark-up: House Financial Services Committee

RR: Waters’ House panel marks up CFPB, cannabis banking bills March 26 (March 19, 2019)

RR: BCFP councils now limited to 6 members each, new recently posted charters show (Aug. 28, 2018)

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