UPDATED: Three CFPB councils to meet Nov. 18 to discuss business data collection, more; research council meets two days later

The councils that provide advice to the consumer financial protection agency regarding the bureau’s actions affecting consumers, community banks, and credit unions are scheduled to meet in a combined, public virtual session from 1 to 5:30 p.m. Nov. 18, according bureau notices.

The Consumer Financial Protection Bureau (CFPB) published notices on its website, and submitted notices slated for publication in the Federal Register Tuesday, that show the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC) will meet virtually via WebEx. The agenda, fully detailed on the agency’s website, includes:

  • a discussion of section 1071 of the Dodd-Frank Act, which revised the Equal Credit Opportunity Act (ECOA) to call for financial institutions’ collection and reporting of data regarding applications for credit for women-owned, minority-owned, and small businesses (the bureau began inviting public feedback on an outline of proposals in September);
  • a discussion of consumer access to financial records under section 1033 of Dodd-Frank (currently addressed in an advance notice of proposed rulemaking); and
  • a discussion of mortgage trends and themes specifically related to the impacts of the COVID-19 pandemic.

On Nov. 20, the bureau’s Academic Research Council (ARC) will hold a public, virtual session to discuss broad policy matters related to the agency’s regulatory agenda and research methodologies; and will “assist with providing direction for consumer finance research” at the bureau. Specific agenda topics include Section 1071 implementation; research on the accuracy of credit reporting; and research on the use of alternative credit data. The ARC is scheduled to meet from 1:30 to 4:30 p.m.

Combined councils meeting agenda

ARC meeting agenda

CAB meeting (F.R. notice)

CBAC meeting (F.R. notice)

CUAC meeting (F.R. notice)

ARC meeting (F.R. notice)