BCFP Holds First Meeting With New Consumer Advisory Board

The Bureau of Consumer Financial Protection held its first meeting yesterday with the new members of its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. It was the first time that a joint meeting with all three groups was held, according to the BCFP.

“This marks the first meeting of the experts from outside government that make up the Bureau’s new-look advisory committees, who are providing a wide array of new perspectives to consumer protection,” said Bureau Acting Director Mick Mulvaney, in a statement. “We look forward to hearing high-quality feedback from these experts in consumer finance markets to inform the Bureau’s decision-making going forward.”

The BCFP cleaned house and fired all the members of the three boards in June, vowing to revamp the groups. The CAB, for example, went from 25 members to nine, with none of the new board directly connected to the ARM industry.

The nine members of the CAB are:

The BCFP is required by law to maintain the groups, which are to meet regularly to discuss issues and trends to help inform the bureau on its consumer protection mandate. The boards are charged with “identifying and assessing the impact of emerging products, practices, or services on consumers and other market participants,” the BCFP said.


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