The Consumer Financial Protection Bureau (CFPB) has announced enhancements to its advisory committee charters.
The CFPB's advisory committee program includes the Consumer Advisory Board (CAB), Academic Research Council (ARC), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC). These 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 effective fiscal year 2020. CFPB said that 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 on 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.
These changes were announced after CFPB Director Kathleen L. Kraninger’s engagement with current and former advisory committee members during her three-month listening tour.
“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. “These enhancements demonstrate my commitment to ensuring that the Bureau’s advisory committees are helping to improve our work on behalf of consumers.”
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.