The bureau will use the comments, due Feb. 10, to inform its candidate selection process. ACA is also seeking member feedback to add to its response to the bureau.
01/31/2023 2:10 P.M.
2 minute read
A public comment period is ongoing to inform the Consumer Financial Protection Bureau’s application process for its advisory committees.
The bureau’s committees provide input on consumer engagement, policy development and research, among other topics. They include a Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council and Credit Union Advisory Council.
In October 2022, the bureau sought comments to evaluate the advisory committee program and has extended the comment period to Feb. 10, 2023.
The extended comment period notes that the bureau also seeks feedback on if “the information collection is necessary for the proper performance of the functions of the [b]ureau, including whether the information will have practical utility,” according to the Federal Register notice on the extended comment period.
As for the feedback on the advisory committee program, the bureau says it will use the comments to inform how it reviews candidates, issues travel orders or provides reimbursement for travel expenses.
The comment notice states:
“The director of the bureau may invite individuals with special expertise to serve on the bureau’s advisory committees. The selection-related material will allow the bureau to obtain information on the qualifications of individuals nominated to an advisory committee and will aid the bureau in selecting members for service on an advisory committee. The selection-related information will also aid the bureau in determining the appropriateness of participation in particular matters.”
ACA’s Take
When the CFPB sought members for its advisory committees last year, it invited experts in consumer protection, consumer financial products or services, including consumer reporting, student lending, small dollar lending, credit cards, debt collection and debt relief, bank representatives and academics with a research background to apply.
Yet, the Consumer Advisory Board has not involved a single revenue cycle specialist.
ACA is reviewing the comment request to submit a reply to the bureau. If you have insights or feedback to inform ACA’s comments, contact our advocacy team at [email protected].
If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.
