The Bureau of Consumer Financial Protection (BCFP) announced that it has appointed new experts to its three advisory committees. These new experts from outside the federal government have been appointed to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. The goal of these committees is to provide advice to Bureau leadership on a broad range of consumer financial issues and emerging market trends.
The new committees are also leaner with nine members compared to 25 from the previous committee that was disbanded by the BCFP earlier this year.
"I am appointing experts to the Bureau’s advisory committees who will bring a fresh perspective to our important work," said BCFP Acting Director Mick Mulvaney. "These experts are highly talented individuals in consumer finance markets, and we look forward to working closely with them throughout their service."
The purpose of the Consumer Advisory Board is to advise and consult with the BCFP’s Director on a variety of consumer financial issues. Additionally, the Community Bank Advisory Council and a Credit Union Advisory Council to advise and consult with the BCFP on consumer financial issues related to community banks and credit unions.
In regards to the qualifications for board and committee members, the Dodd-Frank Act states that the BCFP Director "shall seek to assemble 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, and seek representation of the interests of covered persons and consumers, without regard to party affiliation.”
The new appointees 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. These new members will serve a one-year term, the BCFP said.