New Advisory Committee Members at the CFPB
The Consumer Financial Protection Bureau (CFPB) announced yesterday the new members of its four advisory committees, which include the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), the Credit Union Advisory Council (CUAC), and the Academic Research Council (ARC).
The new members of the advisory committees will see several changes that CFPB Director Kathy Kraninger instituted earlier this year. These changes include increasing the term limits of the advisory committee members from one to two years, increasing the meetings from two to three times per year for CAB, CBAC, and CUAC, and also elevating the ARC to a Director-level advisory committee.
In a press release, Director Kraninger stated how important the advisory committees are for information-gathering. “The Bureau is able to protect consumers in the financial marketplace better when it receives input from a wide range of experts and stakeholders,” said Director Kraninger. “With the enhancements we made earlier this year to the structure of the advisory committee program, I am confident that these groups will be able to hit the ground running in their efforts to provide meaningful feedback on Bureau policy and regulations. I look forward to working with them.”