Newsroom

February 23, 2012

CFPB forming consumer advisory group

The Consumer Financial Protection Bureau is accepting nominations until March 30 to a new Consumer Advisory Board that will advise the bureau on how it carries out its federal consumer financial protection responsibilities.

The Dodd-Frank Act charges the Consumer Advisory Board to "advise and consult" with the bureau on its functions under federal consumer financial protection laws and to "provide information on emerging practices in the consumer financial products and services industry, including regional trends, concerns, and other relevant information."

The board will have at least 16 members, and members will be chosen without regard to political party affiliation, the CFPB notice says. At least six of the board members must be appointed on the recommendation of the regional Federal Reserve Bank presidents on a rotating basis.

The remaining members, appointed by the CFPB director, will have staggered terms ranging from one to three years. After the first year, new members will be appointed for three-year terms.

The board will meet at least twice a year.

The CFPB notice was in Thursday's Federal Register.