Sec. 7. Consumer Advisory Board reforms
568 words·~3 min read·
/bill/116/hr/1500/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1014 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5494 ) is amended— by amending subsection
(b)to read as follows: In appointing the members of the Consumer Advisory Board, the Director shall— seek to assemble a diverse and inclusive group of 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 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; and ensure that at least 2/3 of the members represent the interests of consumers, including experts in consumer protection, fair lending, civil rights, and representatives of communities that have been significantly impacted by higher-priced mortgage loans and other products that resulted in consumer harm. The Director shall appoint not fewer than 25 members to the Consumer Advisory Board, and not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. Any change to the charter for the Consumer Advisory Board affecting the membership shall not preclude prior or current members from applying for consideration to serve on a reconstituted Consumer Advisory Board. ; and in subsection (c)— by striking meet from and inserting meet in person from ; and by adding at the end the following: The Bureau shall provide adequate notice to the members of the Consumer Advisory Board of the time and date of each meeting, and of any meeting cancellations. Section 1014 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5494 ) is amended by adding at the end the following: With respect to each in person meeting of the Consumer Advisory Board— the Director shall attend such meeting in person; and the Director shall ensure that the members of the Consumer Advisory Board have an opportunity to meet and engage in person with all appropriate staff and office of the Bureau. . Notwithstanding any other law— any member of the Consumer Advisory Board of the Consumer Financial Protection Bureau on November 1, 2017, may continue to serve as a member of such advisory board until March 27, 2020, and may not be removed from such position without cause by the Director of the Bureau until such date; and any member of the Consumer Advisory Board of the Consumer Financial Protection Bureau on the date of enactment of this Act, may continue to serve as a member of such advisory board until March 27, 2020, and may not be removed from such position without cause by the Director of the Bureau until such date. Section 1013 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493 ) is amended by adding at the end the following: In appointing members of any advisory committee, other than the Consumer Advisory Board, the Director shall ensure that at least 1/3 of the members represent the interests of consumers, including experts in consumer protection, fair lending, civil rights, and representatives of communities that have been significantly impacted by higher-priced mortgage loans and other products that resulted in consumer harm. In appointing members of any advisory committee, the Director shall seek to promote diversity and inclusion in making appointments, including by appointing individuals who represent minority-owned and women-owned businesses. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources