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Financial Services Law Insights and Observations

CFPB announces new advisory committee members

Federal Issues CFPB Consumer Finance

Federal Issues

On October 5, the CFPB released new membership details for its advisory boards and councils, including the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The Bureau noted that under Dodd-Frank, it is tasked with establishing a Consumer Advisory Board to provide insights on various consumer finance matters. These board members represent different districts of the Fed and are recommended by Federal Reserve Bank presidents.  The Community Bank Advisory Council and Credit Union Advisory Council guide the CFPB on financial issues concerning community banks and credit unions respectively. Meanwhile, the Academic Research Council contributes to shaping research plans and agendas, and offers feedback on research methodologies and data collection strategies.

Members of these advisory boards and councils serve voluntarily and do not receive compensation. They also cannot officially represent the CFPB or the Fed, and their selection does not imply endorsement of their respective organizations.