Alternative Finances

CFPB To Open Meetings To The Public

The Consumer Financial Protection Bureau has announced a change to its meeting format that would allow public attendance at its Board and Council meetings to the general public.

"Since establishing our Consumer Advisory Board and Councils in 2012, these groups have provided us with information about emerging trends and practices, allowed us to hear directly from small financial institutions, and the Academic Research Council has provided technical and scientific advice to our Office of Research. From their establishment, we’ve been committed to providing transparency into these interactions by providing membership information, meeting summaries, and notices of meetings , among other things...Some stakeholders have requested even more openness, however – and we’ve taken those requests to heart," the CFPB noted on its blog.

Starting June 18th, the Board and Council meetings will be open to the public.

On the whole, the industry has been supportive of the CFPB's move toward openness.

"We agree with Director Cordray - 'Sunlight can be the best disinfectant, and electric light the best policeman.' Opening these meetings to the public is a natural decision to help meet this goal. Transparency is the hallmark of good government and is vital to securing the trust of the American people,” said Richard Hunt, President and CEO of the Consumer Bankers Association in a released statement.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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