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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 - 2591 - Consumer Advisory Board - Statutory (Congress Created)
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameConsumer Advisory BoardAgency NameConsumer Financial Protection Bureau
Fiscal Year2020Committee Number2591
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*Staff Director, Advisory Board and Councils Office
Date Of Renewal Charter3/21/2021Designated Federal Officer Prefix
Projected Termination Date Designated Federal Officer First Name*Matt
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Cameron
Establishment Authority*Statutory (Congress Created)Designated Federal Officer Suffix
Specific Establishment Authority*Dodd-Frank Wall Street Reform and Consumer Protection Act §1014(a)Designated Federal Officer Phone*(202) 435-7708
Effective Date Of Authority*2/22/2017Designated Federal Officer Fax*(202) 435-7708
Exempt From EO 13875 Discretionary CmteNot ApplicableDesignated Federal Officer Email*matthew.cameron@cfpb.gov
Committee Type*Continuing
Presidential*No
Committee Function*National Policy Issue Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate Required 
Legislation Status 
How does cmte accomplish its purpose?*The purpose of the CAB is outlined in Section 1014(a) of the Dodd-Frank Act, which states that the CAB shall “advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws” and “provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.”

To carry out the CAB’s purpose, the scope of its activities shall include providing information, analysis, and recommendations to the Bureau. The CAB will generally serve as a vehicle for trends and themes in the consumer finance marketplace for the Bureau. Its objectives will include identifying and assessing the impact on consumers and other market participants of new, emerging, and changing products, practices, or services.
How is membership balanced?*Section 1014(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides: “In appointing the members of the Consumer Advisory Board, the Director shall seek to assemble experts in: consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans, and seek representation of the interests of covered persons and consumers, without regard to party affiliation.” 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 - 3.
Why advice can't be obtained elsewhere?*The Board will advise and consult with the Director and the Bureau on matters related to the Bureau’s functions under the Dodd- Frank Act, Federal consumer financial laws, and to provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.
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. On June 6, 2018, as part of the Bureau’s Stakeholder Outreach and Engagement initiative, the Bureau decided to re-constitute the advisory committees with smaller membership. This committee was re-constituted on September 7, 2018 with new committee members. 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 CommentConsumer Advisory Board (CAB) members provide timely feedback which helps the Bureau understand emerging trends in rapidly changing financial markets. The Bureau has often considered members’ commentary when developing or enhancing policies.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 Consumer Advisory Board serves as an effective vehicle for on-the-ground perspectives and policymaking feedback for the CFPB’s enforcement, fair lending, supervision, research, market monitoring, rulemaking, and consumer education and engagement functions. Furthermore, several members also serve as partners with the Bureau by distributing Bureau consumer education resources to their stakeholders and large audiences. Members have also hosted events which serve as venues for such partnership opportunities.

In FY20 the Board 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.

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 consumers and financial markets. 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 CAB does not provide formal comment, the committee offers an opportunity for the Bureau to hear different perspectives from a cross section of stakeholders. This helps the Bureau consider the impact of our rulemaking and policies on consumers and industry. Bureau leadership and staff also consider, and have at times implemented, member feedback when developing consumer education material.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 purpose of the Board is outlined in Section 1014(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which states that the Board shall “advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws” and “provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.” To carry out the Board’s purpose, the scope of its activities shall include providing information, analysis, and recommendations to the Bureau. The Board will generally serve as a vehicle for market intelligence and expertise for the Bureau. Its objectives will include identifying and assessing the impact on consumers and other market participants of new, emerging, and changing products, practices, or services.
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*$273,028.05Estimated Payments to Federal Staff*$273,028.05
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$0.00
Travel Reimb. For Non-Federal Members*$14,290.63Est Travel Reimb Non-Fed Members nextFY*$13,000.00
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$12,629.31Est. Other Costs Next FY*$11,000.00
Total Costs$299,947.99Est. Total Next FY*$297,028.05
Federal Staff Support (FTE)*1.64Est. Fed Staff Support Next FY*1.64
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 to COVID-19, cost estimates are subject to change.
Hide Section - Interest Areas

Interest Areas

Category
Area
Business
Small Business
Civil Rights
Equal Opportunity
Education
Education
Finance
Banking
Credit
Finance
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-035154Consumer Advisory Board2019
 COM-032799Consumer Advisory Board2018
 COM-001226Consumer Advisory Board2017