CFPB Announces Enhancements to Advisory Committees

On March 21, 2019, the CFPB announced enhancements to its advisory committee charters based on Director Kraninger’s engagement with current and former committee members during her three-month listening tour.  Effective fiscal year 2020, the committees, which include the Consumer Advisory Board (CAB), Academic Research Council (ARC), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC), 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, while the ARC will meet separately, in-person and twice a year.  Additionally, the ARC is being elevated to a Director-level advisory committee.  Memberships to all committees will now be two-year terms, and the terms will be staggered.  The Bureau is now accepting applications for 2020 committee membership.  Applications must be submitted within 45 days of the notice being published in the Federal Register.