Alert October 02, 2012

CFPB Announces Consumer Advisory Board Members

The CFPB announced the members of its Consumer Advisory Board—required under Dodd-Frank to advise and consult with the CFPB in the exercise of its functions under federal consumer financial laws and to provide information on emerging practices in the consumer finance products and services industry; the Community Bank Advisory Council and Credit Union Advisory Council—established under the CFPB’s authority under Dodd-Frank to establish advisory councils, these councils are expected to facilitate interactions between “community banker and credit unions, and CFPB staff”; and the Academic Research Council, which advises the CFPB on its research analysis and data collection. The first meeting of the CAB took place September 27-28, 2012 in St. Louis Missouri; and the CAB is expected to meet at least twice a year. The CFPB also released the charters for the CAB, CBAC, CUAC, and the Academic Research Council.