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ENHANCING
COMMITTEE
CHARTERS AT
CFPB
e Consumer Financial Protection
Bureau (CFPB) announced enhancements to
its advisory committee charters recently.
e CFPB's advisory committee program
includes the Consumer Advisory Board
(CAB), Academic Research Council (ARC),
Community Bank Advisory Council (CBAC),
and Credit Union Advisory Council (CUAC).
ese committees will expand their focus
to broad policy matters and increase the
frequency of in-person meetings from two
times per year to three times per year effective
fiscal year 2020. CFPB said the CAB, CBAC,
and CUAC will continue their joint public
meetings. e ARC will meet separately,
in-person and twice per year. Additionally,
the ARC is being elevated to a director-level
advisory committee.
e membership terms for the committees
will be extended from a one-year term
to two-year terms, and the terms will be
staggered. e one-year term of all existing
members expires on September 2019. A one-
year term extension will be provided to half
of the current members in order to achieve
the staggered terms and ensure continuity.
In addition to a chair, each committee will
be assigned a vice-chair. Both the chair and
the vice-chair will serve a one-year term in
their respective positions, with the vice-chair
assuming the chair the following year.
ese changes were announced after CFPB
Director Kathleen L. Kraninger's engagement
with current and former advisory committee
members during her three-month listening
tour.
"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," Kraninger said.
"ese enhancements demonstrate my
commitment to ensuring that the Bureau's
advisory committees are helping to improve
our work on behalf of consumers."
e CFPB also announced it will begin
accepting applications for members to serve
on its advisory committees. e Bureau will
accept applications for 45 days, beginning with
a notice to be published in the federal register.
