The Consumer Financial Protection Bureau (CFPB) is opening its advisory board and council meetings to the public. The bureau said that it received requests from stakeholders for more openness in regard to the meetings, and, taking the requests to heart, the agency is allowing the public to attend in person or watch the meetings online.
Under the Dodd-Frank Act, the CFPB was required to establish a Consumer Advisory Board. The purpose of the board is to “advise and consult with the bureau in the exercise of its functions under the federal consumer financial laws, and to provide information on emerging practices in the consumer financial products and services industry, including regional trends, concerns and other relevant information.”
In September 2012, the bureau announced the 25 members of its advisory board, as well as the members to its three other boards, and scheduled the first meeting for Sept. 27, 2012, in St. Louis, Mo. The Dodd-Frank Act requires the advisory board to meet at least twice a year. The CFPB director and the board members themselves can also call meetings.
The bureau announced on May 20 that its meetings are changing.
“To provide more transparency and to be responsive to the requests we’ve received, we’re changing the format of our board and council meetings and opening these full meetings to the public,” the bureau wrote in a blog post.
Beginning with the Consumer Advisory Board’s meeting in Reno, Nevada on June 18, the public can attend the meetings or view them via the livestream on the bureau’s blog.
Rob Chapman, president of the American Land Title Association (ALTA), said opening the meeting is a step in the right direction.
“We applaud the CFPB for providing more transparency and responsiveness today by making its board and council meetings open to public,” Chapman said. “We are very encouraged by the bureau’s actions to make the process more visible. Additionally, we hope that this is also a positive step toward allowing small businesses, like the majority of ALTA’s membership, to have a seat at the table to offer advice and insight. It’s extremely important for the bureau to hear directly from small businesses on emerging trends and practices and provide technical advice regarding the possible impact of any new regulation or rule.”
The bureau’s advisory groups include the: Consumer Advisory Board; Community Bank Advisory Council; Credit Union Advisory Council; and Academic Research Council.