Alert March 06, 2012

CFPB Establishes Consumer Advisory Board

The CFPB established a Consumer Advisory Board to advise and consult the CFPB in the exercise of the CFPB’s functions under federal consumer financial protection laws.  The Board is also tasked with providing the Bureau with information on emerging trends and practices in the financial services and products industry.  The Consumer Advisory Board will consist of 16 members with “varied interests.”  In conjunction with the establishment of the Board, the CFPB issued a solicitation seeking nominations for members. Section 1014(b) of the Dodd-Frank Act requires the Federal Reserve Bank Presidents to appoint not fewer than six members. Click here for the related notice.