FACACLASSIC

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CFPB - 2594 - Academic Research Council - Agency Authority

GENERAL INFORMATION

Committee Name	Academic Research Council	Agency Name	Consumer Financial Protection Bureau
Fiscal Year	2025	Committee Number	2594
Original Establishment Date	3/27/2017	Committee Status	Terminated
Actual Termination Date	2/19/2025	Committee URL	https://www.consumerfinance.gov/about-us/adviso...
Actual Merged Date		Presidential Appointments*	No
New Committee This FY	No	Max Number of Members*	Unlimited
Terminated This FY	Yes	Designated Fed Officer Position Title*	Assistant Director, Office of Research
Merged This FY		Designated Federal Officer Prefix
Current Charter Date	3/15/2023	Designated Federal Officer First Name*	Jason
Date Of Renewal Charter	3/15/2025	Designated Federal Officer Middle Name
Projected Termination Date		Designated Federal Officer Last Name*	Brown
Exempt From Renewal*	No	Designated Federal Officer Suffix
Specific Termination Authority		Designated Federal Officer Phone*	(202) 435-9792
Establishment Authority*	Agency Authority	Designated Federal Officer Fax*	N/A
Specific Establishment Authority*	Agency Determination	Designated Federal Officer Email*	jason.brown@cfpb.gov
Effective Date Of Authority*	2/22/2017
Exempt From EO 13875 Discretionary Cmte	Not Applicable
Committee Type*	Continuing
Presidential*	No
Committee Function*	Scientific Technical Program Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Terminate
Legislation to Terminate Required	Not Applicable
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The committee will (1) provide the Consumer Financial Protection Bureau (CFPB) with advice about its strategic research planning process and research agenda, including views on the research that the CFPB should conduct relating to consumer financial products or services, consumer behavior, cost-benefit analysis, or other topics to enable the agency to further its statutory purposes and objectives; and, (2) provide the Office of Research with technical advice and feedback on research methodologies, data collection strategies, and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions.
How is membership balanced?*	The Director shall appoint the members of the ARC. In appointing members to the committee, the Director shall seek to assemble members who are economic experts and academics with diverse points of view; such as experienced economists with a strong research and publishing background, and a record of involvement in research and public policy, including public or academic service. Additionally, members should be prominent experts who are recognized for their professional achievements and rigorous economic analysis including those specializing in household finance, finance, financial education, labor economics, industrial organization, public economics, and law and economics; and experts from related social sciences related to the CFPB’s mission. In particular, the Director will seek to identify academics with strong methodological and technical expertise in structural or reduced form econometrics; modeling of consumer decision-making; survey and random controlled trial methods; cost benefit analysis, welfare economics and program evaluation; or marketing. Equal opportunity practices in accordance with CFPB policies shall be followed in all appointments to the committee.
How frequent & relevant are cmte mtgs?*	Will meet approximately twice each year.
Why advice can't be obtained elsewhere?*	The CFPB conducts research, performs analysis, and reports on topics relating to the CFPB’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. To support the CFPB’s commitment to fact-based policy development, the CFPB established the Academic Research Council, a consultative body comprised of scholars with relevant subject matter expertise. The ARC advises the CFPB on research methodologies, data collection, and analytic strategies and provides feedback regarding the CFPB’s research work and strategic planning process.
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).
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 February 19, 2025, this committee was terminated per direction of Acting Director Russell Vought.

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	Academic Research Council (ARC) members provide academic feedback and analysis which lead to improve finished research products and processes.	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*	Yes
Number Of Recommendations Comment	The Academic Research Council serves as an effective vehicle for a continued relationship with the academic community and research feedback for the CFPB’s research function. In FY25 the committee did not convey any formal recommendations to the CFPB, but members provided information, analysis, and recommendations to the CFPB’s staff based on their unique perspectives. ARC members participated in several engagements with the Office of Research to provide input into the CFPB’s research agenda. The CFPB regularly engages with committee members to receive on-the-ground feedback about impacts on consumer, financial markets, and research considerations. ARC members have provided significant feedback and have identified useful trends which have helped the CFPB identify research considerations.	Access Agency Website	Yes
% of Recs Fully Implemented*	0.00%	Access Committee Website	Yes
% of Recs Fully Implemented Comment	Although the ARC does not provide formal comment, members offer objective, academic analysis through engagements with the Office of Research. This helps ensure that the CFPB’s research work is objective.	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 CFPB conducts research, performs analysis, and reports on topics relating to the CFPB’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. To support the CFPB’s commitment to fact-based policy development, the CFPB established the Academic Research Council, a consultative body comprised of scholars with relevant subject matter expertise. The ARC advises the CFPB on research methodologies, data collection, and analytic strategies and provides feedback regarding the CFPB’s research work and strategic planning process.

COSTS

1. Payments to Non-Federal Members*	$0.00	1. Est Paymnts to Non-Fed Membrs Nxt FY*	$0.00
2. Payments to Federal Members*	$0.00	2. Est. Payments to Fed Members Next FY*	$0.00
3. Payments to Federal Staff*	$234,918.49	3. Estimated Payments to Federal Staff*	$0.00
4. Payments to Consultants*	$0.00	4. Est. Payments to Consultants Next FY*	$0.00
5. Travel Reimb. For Non-Federal Membrs*	$0.00	5. Est Travel Reimb Non-Fed Membr nxtFY*	$0.00
6. Travel Reimb. For Federal Members*	$0.00	6. Est Travel Reimb For Fed Members*	$0.00
7. Travel Reimb. For Federal Staff*	$0.00	7. Est. Travel Reimb to Fed Staf Nxt FY*	$0.00
8. Travel Reimb. For Consultants*	$0.00	8. Est Travel Reimb to Consltnts Nxt FY*	$0.00
10. Other Costs	$0.00	10. Est. Other Costs Next FY*	$0.00
11. Total Costs	$234,918.49	11. Est. Total Next FY*	$0.00
Date Cost Last Modified	7/15/2025 10:47 AM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*	0.39	Est Cost Remarks	There are no future estimated costs.
Cost Remarks	There are no future estimated costs.

Interest Areas

Category Area Finance Banking Credit Finance Research Basic Research Science and Technology Innovation

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