CFPB Announces Enhancements to Advisory Committees, Opening of Member Applications

March 21, 2019 -- Today, the Consumer Financial Protection Bureau (Bureau) announced enhancements to its advisory committee charters. The enhancements are a result of CFPB Director Kathleen L. Kraninger’s engagement with current and former advisory committee members during her three-month listening tour.

The Bureau’s advisory committee program includes the Credit Union Advisory Council (CUAC), the Consumer Advisory Board (CAB), Academic Research Council (ARC), and the Community Bank Advisory Council (CBAC). Effective fiscal year 2020, the committees 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 membership terms for the committees will be extended from a one-year term to two-year terms, and the 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. Both the Chair and the Vice-Chair will serve a one-year term in their respective positions, with the Vice-Chair assuming the Chair the following year.

Additionally, the Bureau announced that it will begin accepting applications for members to serve on its advisory committees. The Bureau will accept applications for 45 days, beginning with a notice to be published in the federal register.

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CFPB Announces Enhancements to Advisory Committees and Opening of Member Applications