FACA

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.

Details on agency responses to committee recommendations can be found under the Performance Measures section for each committee in the fields “Agency Feedback” and “Agency Feedback Comment.”

CFPB - 2591 - Consumer Advisory Board - Statutory (Congress Created)

GENERAL INFORMATION

Committee Name	Consumer Advisory Board	Agency Name	Consumer Financial Protection Bureau
Fiscal Year	2023	Committee Number	2591
Original Establishment Date	3/27/2017	Committee Status	Chartered
Actual Termination Date		Committee URL	https://www.consumerfinance.gov/about-us/adviso...
New Committee This FY	No	Presidential Appointments*	No
Terminated This FY	No	Max Number of Members*	Unlimited
Current Charter Date	3/15/2023	Designated Fed Officer Position Title*	Staff Director, Advisory Board and Councils Section
Date Of Renewal Charter	3/15/2025	Designated Federal Officer Prefix
Projected Termination Date		Designated Federal Officer First Name*	Emmanuel
Exempt From Renewal*	No	Designated Federal Officer Middle Name
Specific Termination Authority		Designated Federal Officer Last Name*	Manon
Establishment Authority*	Statutory (Congress Created)	Designated Federal Officer Suffix
Specific Establishment Authority*	Dodd-Frank Wall Street Reform and Consumer Protection Act §1014(a)	Designated Federal Officer Phone*	(202) 435-9830
Effective Date Of Authority*	2/22/2017	Designated Federal Officer Fax*	N/A
Exempt From EO 13875 Discretionary Cmte	Not Applicable	Designated Federal Officer Email*	emmanuel.manon@cfpb.gov
Committee Type*	Continuing
Presidential*	No
Committee Function*	National Policy Issue Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Continue
Legislation to Terminate Required	Not Applicable
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The purpose of the CAB is outlined in Section 1014(a) of the Dodd-Frank Act, which states that the CAB shall “advise and consult with the CFPB 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 CAB’s purpose, the scope of its activities shall include providing information, analysis, and recommendations to the CFPB. The CAB will generally serve as a vehicle for trends and themes in the consumer finance marketplace for the CFPB. Its objectives will include identifying and assessing the impact on consumers and other market participants of new, emerging, and changing products, practices, or services.
How is membership balanced?*	Section 1014(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides: “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 CFPB policies shall be followed in all appointments to the committee.
How frequent & relevant are cmte mtgs?*	Estimated Number of Meetings per Year - 3.
Why advice can't be obtained elsewhere?*	The CAB will advise and consult with the Director and the CFPB on matters related to the CFPB’s functions under the Dodd- Frank Act, Federal consumer financial laws, and to provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.
Why close or partially close meetings?	Meetings are open to the public unless the CFPB agency head determines that items on the planned agenda are subject to the closed meeting provisions of the Government in Sunshine Act, 5 U.S.C.§552b(c). In the event of closed or partially-closed meetings, the committee will issue an annual report setting forth a summary of its activities and such related matters as would be informative to the public.
Recommendation Remarks	On December 18, 2015, Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493) was amended to ensure applicability of the Federal Advisory Committee Act (“FACA”) to the CFPB’s advisory committees. This committee was re-established on March 27, 2017, in accordance with FACA provisions. On June 6, 2018, as part of the CFPB’s Stakeholder Outreach and Engagement initiative, the CFPB decided to re-constitute the advisory committees with smaller membership. This committee was re-constituted on September 7, 2018, with new committee members. This committee was renewed on March 21, 2019, and on March 18, 2021 in accordance with FACA provisions.

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*	No	Action Reorganize Priorities*	No
Outcome Trust In Government	Yes	Action Reallocate Resources	No
Outcome Major Policy Changes	No	Action Issued New Regulations	No
Outcome Advance In Scientific Research	No	Action Proposed Legislation	No
Outcome Effective Grant Making	No	Action Approved Grants Or Other Payments	No
Outcome Improved Service Delivery	Yes	Action Other	No
Outcome Increased Customer Satisfaction	No	Action Comment	Not Applicable
Outcome Implement Laws/Reg Requirements	No	Grants Review*	No
Outcome Other	No	Number Of Grants Reviewed	0
Outcome Comment	Consumer Advisory Board (CAB) members provide timely feedback which helps the Bureau understand emerging trends in rapidly changing financial markets. The Bureau has often considered members’ commentary when developing or enhancing policies.	Number Of Grants Recommended	0
Cost Savings*	Unable to Determine	Dollar Value Of Grants Recommended	$0.00
Cost Savings Comment	Not Applicable	Grants Review Comment	Not Applicable
Number Of Recommendations*	0	Access Contact Designated Fed. Officer*	No
Number Of Recommendations Comment	The Consumer Advisory Board serves as an effective vehicle for on-the-ground perspectives and policymaking feedback for the CFPB’s enforcement, fair lending, supervision, research, market monitoring, rulemaking, and consumer education and engagement functions. Furthermore, several members also serve as partners with the CFPB by distributing CFPB consumer education resources to their stakeholders and large audiences. In FY22 the CAB did not convey any formal recommendations to the CFPB, but members provided information, analysis, and recommendations to CFPB staff based on their unique perspectives. The CFPB regularly engages with committee members to receive on-the-ground feedback about the impact of the economy on consumers and financial markets. Committee members have provided significant feedback and have identified useful trends which have helped shape how the CFPB addresses emerging issues, such as algorithmic bias, relationship banking, and competition. Additionally, committee members have provided input on current rulemaking for issues including quality control standards for automated valuation models, small business lending, and personal financial data rights.	Access Agency Website	Yes
% of Recs Fully Implemented*	0.00%	Access Committee Website	Yes
% of Recs Fully Implemented Comment	Although the CAB does not provide formal comment, the committee offers an opportunity for the CFPB to hear different perspectives from a cross section of stakeholders. This helps the CFPB consider the impact of our rulemaking and policies on consumers and industry. CFPB leadership and staff also consider, and have at times implemented, member feedback when developing consumer education material.	Access GSA FACA Website	Yes
% of Recs Partially Implemented*	0.00%	Access Publications	Yes
% of Recs Partially Implemented Comment	Not Applicable	Access Other	No
Agency Feedback*	No	Access Comment	Not Applicable
Agency Feedback Comment*	Not Applicable	Narrative Description*	The purpose of the Board is outlined in Section 1014(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which states that the Board shall “advise and consult with the CFPB 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 CFPB. The Board will generally serve as a vehicle for market intelligence and expertise for the CFPB. Its objectives will include identifying and assessing the impact on consumers and other market participants of new, emerging, and changing products, practices, or services.

COSTS

Payments to Non-Federal Members*		Est Payments to Non-Fed Members Next FY*
Payments to Federal Members*		Est. Payments to Fed Members Next FY*
Payments to Federal Staff*		Estimated Payments to Federal Staff*
Payments to Consultants*		Est. Payments to Consultants Next FY*
Travel Reimb. For Non-Federal Members*		Est Travel Reimb Non-Fed Members nextFY*
Travel Reimb. For Federal Members*		Est Travel Reimb For Fed Members*
Travel Reimb. For Federal Staff*		Est. Travel Reimb to Fed Staff Next FY*
Travel Reimb. For Consultants*		Est Travel Reimb to Consultants Next FY*
Other Costs		Est. Other Costs Next FY*
Total Costs	$0.00	Est. Total Next FY*	$0.00
Date Cost Last Modified	1/18/2023 9:14 AM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*		Est Cost Remarks
Cost Remarks

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