On February 23, the CFPB published four notices in the Federal Register to renew three advisory councils and one advisory board for an additional two year period, covering the Academic Research Council, Community Banker Advisory Council, Consumer Advisory Board, and Credit Union Advisory Council. According to each respective notice, these entities have been reestablished for the purposes of providing information and recommendations in accordance with provisions of the Federal Advisory Committee Act. Each notice is effective as of its publication date and charters filed for each entity are set to expire two years after the filing date unless renewed again.
- The Academic Research Council provides the CFPB’s Office of Research with “advice and feedback on research methodologies, framing research questions, data collection, and analytic strategies.”
- The Community Banker Advisory Council provides information and recommendations concerning the Bureau’s exercise of its authority under the federal consumer financial laws “as they pertain to banks or thrifts with total assets of $10 billion or less.”
- The Consumer Advisory Board provides information and recommendations concerning the Bureau’s policy development, rulemaking, and enforcement functions, including on “emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.”
- The Credit Union Advisory Council provides information and recommendations concerning the “Bureau’s policy development, rulemaking, and engagement functions as they relate to credit unions.”