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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.


CFPB - 2594 - Academic Research Council - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameAcademic Research CouncilAgency NameConsumer Financial Protection Bureau
Fiscal Year2020Committee Number2594
Original Establishment Date3/27/2017Committee StatusChartered
Actual Termination Date Committee URLhttps://www.consumerfinance.gov/about-us/adviso...
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*Unlimited
Current Charter Date3/21/2019Designated Fed Officer Position Title*Assistant Director, Office of Research
Date Of Renewal Charter3/21/2021Designated Federal Officer Prefix
Projected Termination Date Designated Federal Officer First Name*Jason
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Brown
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Agency DeterminationDesignated Federal Officer Phone*(202) 435-9792
Effective Date Of Authority*2/22/2017Designated Federal Officer Fax*(202) 435-9792
Exempt From EO 13875 Discretionary CmteNot ApplicableDesignated Federal Officer Email*jason.brown@cfpb.gov
Committee Type*Continuing
Presidential*No
Committee Function*Scientific Technical Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNo
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The committee will (1) provide the Bureau with advice about its strategic research planning process and research agenda, including views on the research that the Bureau should conduct relating to consumer financial products or services, consumer behavior, cost-benefit analysis, or other topics to enable the agency to further its statutory purposes and objectives; and, (2) provide the Office of Research with technical advice and feedback on research methodologies, data collection strategies, and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions.
How is membership balanced?*The Director shall appoint the members of the ARC. In appointing members to the committee, the Director shall seek to assemble members who are economic experts and academics with diverse points of view; such as experienced economists with a strong research and publishing background, and a record of involvement in research and public policy, including public or academic service. Additionally, members should be prominent experts who are recognized for their professional achievements and rigorous economic analysis including those specializing in household finance, finance, financial education, labor economics, industrial organization, public economics, and law and economics; and experts from related social sciences related to the Bureau’s mission. In particular, the Director will seek to identify academics with strong methodological and technical expertise in structural or reduced form econometrics; modeling of consumer decision-making; survey and random controlled trial methods; cost benefit analysis, welfare economics and program evaluation; or marketing. Equal opportunity practices in accordance with the Consumer Financial Protection Bureau (CFPB) policies shall be followed in all appointments to the committee.
How frequent & relevant are cmte mtgs?*Estimated Number of Meetings per Year - 2.
Why advice can't be obtained elsewhere?*The CFPB conducts research, performs analysis, and reports on topics relating to the Bureau’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. To support the Bureau’s commitment to fact-based policy development, the CFPB established the Academic Research Council, a consultative body comprised of scholars with relevant subject matter expertise. The ARC advises the CFPB on research methodologies, data collection, and analytic strategies and provides feedback regarding the Bureau’s research work and strategic planning process.
Why close or partially close meetings?Meetings are open to the public unless the Bureau of Consumer Financial Protection agency head determines that items on the planned agenda are subject to the closed meeting provisions of the Government in Sunshine Act, 5 U.S.C.§552b(c). In the event of closed or partially-closed meetings, the committee will issue an annual report setting forth a summary of its activities and such related matters as would be informative to the public.
Recommendation RemarksOn December 18, 2015, Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493) was amended to ensure applicability of the Federal Advisory Committee Act (“FACA”) to the Bureau’s advisory committees. This committee was re-established on March 27, 2017 in accordance with FACA provisions. This committee was renewed on March 21, 2019 in accordance with FACA provisions.
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesNoAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentNot Applicable
Outcome Implement Laws/Reg RequirementsNoGrants Review*No
Outcome OtherNoNumber Of Grants Reviewed0
Outcome CommentAcademic Research Council (ARC) members provide academic feedback and analysis which lead to better finished research products and processes.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentNot ApplicableGrants Review CommentNot Applicable
Number Of Recommendations*0Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentThe Academic Research Council serves as an effective vehicle for a continued relationship with the academic community and research feedback for the CFPB’s research function. In FY20 the committee did not convey any formal recommendations to the CFPB, but members provided information, analysis, and recommendations to the Bureau’s staff based on their unique perspectives. ARC members participated in a peer review process to assess a Bureau report and also participated in a case study engagement with Research staff.

During the COVID-19 pandemic, the Bureau has regularly engaged with committee members to receive on-the-ground feedback about the impact of the pandemic on consumer, financial markets, and research considerations. Committee members have provided significant feedback and have identified useful trends which have helped shape how the Bureau addresses the crisis, particularly regarding consumer education resources.
Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteYes
% of Recs Fully Implemented CommentAlthough the ARC does not provide formal comment, members offer objective, academic analysis through processes such as peer reviews. This helps ensure that the Bureau’s research work is objective.Access GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsYes
% of Recs Partially Implemented CommentNot ApplicableAccess OtherNo
Agency Feedback*NoAccess CommentNot Applicable
Agency Feedback Comment*Not ApplicableNarrative Description*The CFPB conducts research, performs analysis, and reports on topics relating to the Bureau’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. To support the Bureau’s commitment to fact-based policy development, the CFPB established the Academic Research Council, a consultative body comprised of scholars with relevant subject matter expertise. The ARC advises the CFPB on research methodologies, data collection, and analytic strategies and provides feedback regarding the Bureau’s research work and strategic planning process.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$0.00Est Payments to Non-Fed Members Next FY*$0.00
Payments to Federal Members*$0.00Est. Payments to Fed Members Next FY*$0.00
Payments to Federal Staff*$204,560.95Estimated Payments to Federal Staff*$204,560.95
Payments to Consultants*$0.00Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members*$11,720.09Est Travel Reimb Non-Fed Members nextFY*$10,000.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff*$0.00Est. Travel Reimb to Fed Staff Next FY*$0.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$12,516.31Est. Other Costs Next FY*$11,000.00
Total Costs$228,797.35Est. Total Next FY*$225,560.95
Federal Staff Support (FTE)*1.12Est. Fed Staff Support Next FY*1.12
Cost Remarks"Other costs" and Travel costs are based on meetings held in October 2019 and scheduled meetings for March 2020. Although the March 2020 meetings were cancelled, the Bureau still faced some fees which are included in this report.Est Cost RemarksGiven uncertainty due COVID-19, cost estimates are subject to change.
Hide Section - Interest Areas

Interest Areas

Category
Area
Finance
Banking
Credit
Finance
Research
Basic Research
Science and Technology
Innovation
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-035153Academic Research Council2019
 COM-032798Academic Research Council2018
 COM-001175Academic Research Council2017