CFPB enhances advisory committees
On March 21, the CFPB announced the Bureau’s advisory committee programs will be enhanced as a result of Director Kraninger’s engagement with current and former committee members during her three-month listening tour. Effective 2020, the committees—Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC)—will expand their focus to “broad policy matters” and will meet in-person three times a year, instead of two. Additionally, the Academic Research Council (ARC) will be a “Director-level” advisory committee and will meet separately, in-person and twice a year. 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.