June 18, 2014

Consumer Advisory Board holds 1st public meeting

June 19, 2014 – In a move advocated by NAFCU, the CFPB Consumer Advisory Board on Wednesday conducted its first meeting in full before the public.

CFPB Deputy Director Steve Antonakes opened the meeting, which took place in Reno, Nev., saying "Since we began holding CAB meetings, we have been committed to transparency. We have provided the public with information like membership data, meeting summaries, and meeting notices. Today, we are taking that one step further and fully opening these meetings to the public. So I would like to especially welcome those members of the public joining us in person today or watching online."

Antonakes also touted the bureau's enforcement action against SunTrust for mortgage rule violations, which resulted in $540 million to be used as relief for underwater homeowners and consumers whose homes were foreclosed on.

The meeting also focused on the bureau's new mortgage rules and trends in the economic marketplaces, including a discussion with a policy analyst from the Office for Older Americans.