The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. 19) the addition of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council and Academic Research Council — the four bodies that provide advice to CFPB leadership on a range of consumer financial topics and emerging market trends.
In a press release, the CFPB said the newly appointed advisory group members include experts from a wide variety of areas, including consumer protection, financial services, community development, fair lending, civil rights, consumer financial products or services, community banks and credit unions, as well as scholars with relevant methodological and subject matter experience. The new appointees to the Consumer Advisory Board and the Academic Research Council will serve three-year terms, while the new members of the Community Bank and Credit Union Advisory Councils will have two-year terms.
“The bureau’s advisory board and councils play an important role in making sure that the bureau is taking into account the wide variety of perspectives and views in the consumer financial marketplace,” said CFPB Director Richard Cordray in the press release. “The new additions being announced today bring experience and knowledge that will help inform the CFPB’s work going forward.”
According to the CFPB, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the government watchdog to establish a Consumer Advisory Board to advise and consult with the bureau’s director on a variety of consumer financial issues. At the behest of the director, the bureau also created a Community Bank Advisory Council, a Credit Union Advisory Council and an Academic Research Council. The Community Bank and Credit Union Advisory Councils advise and consult with the bureau on consumer financial issues related to community banks and credit unions. The Academic Research Council shares insight relating to research methodologies, data collection and analytic strategies.