[Federal Register Volume 82, Number 35 (Thursday, February 23, 2017)]
[Notices]
[Pages 11438-11439]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03492]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
Establishment of Consumer Advisory Board
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice.
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SUMMARY: The Consumer Financial Protection Bureau (``Bureau''), after
consultation with the Committee Management Secretariat of the General
Services Administration, has established the Consumer Advisory Board
(``the Board'') as required by statute. The Board will ``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,''
as outlined in section 1014(a) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
FOR FURTHER INFORMATION CONTACT: Delicia Hand, Staff Director, Advisory
Board and Councils Office, External Affairs, Consumer Financial
Protection Bureau, 1275 First Street NE., Washington, DC 20002;
Telephone: (202) 435-9348; email: [email protected].
SUPPLEMENTARY INFORMATION: In accordance with the provisions of the
Federal Advisory Committee Act (``FACA'') (5 U.S.C. App.), the Consumer
Financial Protection Bureau hereby gives notice of re-establishment of
the Consumer Advisory Board, effective immediately. In December of
2015, language included in the 2016 Omnibus spending bill amended the
Consumer Financial Protection Act to clarify the applicability of FACA
to the Bureau. The Board is a continuing committee being re-established
for the purposes of compliance with FACA and applicable statutes.
The Board is being established concurrently with the publication of
this notice by filing a charter with the Director of the Bureau and
with the Committee Management Secretariat of the General Services
Administration, and furnishing the charter to the Library of Congress
and the Committee on Banking, Housing, and Urban Affairs of
[[Page 11439]]
the United States Senate and the Committee on Financial Services of the
United States House of Representatives. The charter will also be posted
on the Bureau's Web site at www.consumerfinance.gov. This charter will
expire two years after the filing date unless renewed by appropriate
action.
The Board's purpose is outlined in section 1014(a) of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank
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. The duties of the Board are solely advisory and shall extend
only to the submission of advice and recommendations to the Bureau,
which shall be non-binding on the Bureau. No determination of fact or
policy will be made by the Board, and the Board will have no formal
decision-making role and no access to confidential supervisory or other
confidential information.
The Board shall consist of no fewer than approximately16 members
including at least six members appointed upon the recommendation of the
regional Federal Reserve Bank Presidents on a rotating basis, and shall
be chosen to ensure a fairly balanced membership. In accordance with
the Dodd-Frank Act, ``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 (``Bureau'') policies shall be followed in all
appointments to the Board.
Dated: January 20, 2017.
Leandra English,
Chief of Staff, Bureau of Consumer Financial Protection.
[FR Doc. 2017-03492 Filed 2-22-17; 8:45 am]
BILLING CODE 4810-AM-P