Kraninger Empowers CFPB Advisory Boards
Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that it would be making several changes to the CFPB Advisory Committees, providing the committee members longer terms and increasing the frequency of in-person meetings. The Advisory Boards include the Consumer Advisory Board, the Academic Research Council, the Community Bank Advisory Council, and the Credit Union Advisory Council.
Specifically, the CFPB is increasing the membership terms from a one-year term to two-year terms. In addition, the advisory boards will increase their in-person meetings from two times per year to three times per year.
Kathy Kraninger, director of the CFPB, has been the driving force behind these changes. “I’ve seen firsthand how the Bureau benefits from the valuable input provided by committee members. I have also seen how the joint committee meeting is resulting in members sharpening their ideas by engaging in a thorough dialogue,” said Kraninger. “These enhancements demonstrate my commitment to ensuring that the Bureau’s advisory committees are helping to improve our work on behalf of consumers.”
The CFPB will be accepting applications for its Advisory Committees as soon as the agency publishes a notice in the Federal Register.