Two-year charter renewals for the consumer financial protection agency’s four advisory committees are slated for publication in the Federal Register Thursday.
The notices by the Consumer Financial Protection Bureau (CFPB) also show that the two panels formed to advise the bureau on financial institution concerns – the Community Bank Advisory Council (CBAC) and Credit Union Advisory Council (CUAC) – will each grow in potential number from no fewer than seven to no fewer than eight persons each. The Academic Research Council (ARC), currently set to have at least eight members, will instead have at least seven. The membership of the Consumer Advisory Board (CAB) will continued to have 10 members or more, the notices show. Members of each panel will have two-year terms.
Briefly, the purpose and make-up of the panels are described as follows:
- Community Bank Advisory Council (CBAC): Consult with the bureau in the exercise of its functions under the federal consumer financial laws as they pertain to community banks with total assets of $10 billion or less. Members should have diverse points of view, institution asset sizes, and geographical backgrounds. Only bank or thrift institution employees (e.g., CEOs, compliance officers, government relations officials, etc.) will be considered for membership. The panel will only include employees of banks and thrifts with total assets of $10 billion or less that are not affiliates of depository institutions or community banks with total assets of more than $10 billion.
- Credit Union Advisory Council (CUAC): Consult with the bureau in the exercise of its functions under the federal consumer financial laws as they pertain to credit unions with total assets of $10 billion or less. Only credit union employees (e.g., CEOs, compliance officers, government relations officials, etc.) will be considered for membership. Membership is limited to employees of credit unions with total assets of $10 billion or less that are not affiliates of depository institutions or credit unions with total assets of more than $10 billion.
- Consumer Advisory Board (CAB): Advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws and provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information – as outlined in Section 1014(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Members should include experts in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans. The panel’s membership should represent the interests of covered persons and consumers, without regard to party affiliation.
- Academic Research Council (ARC): Provide the CFPB with advice about its strategic research planning process and research agenda; and provide the Office of Research with technical advice and feedback on research methodologies, data collection strategies, and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions. Members should be economic experts and academics with diverse points of view; prominent experts who are recognized for their professional achievements and rigorous economic analysis (including those specializing in household finance, finance, financial education, labor economics, industrial organization, public economics, and law and economics); and experts from related social sciences related to the bureau’s mission.