This bill would establish advisory boards for small businesses, credit unions, and community banks to advise and consult with the Bureau of Consumer Financial Protection (CFPB) on financial products and regulations that affect their industries and consumers.
"Ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families — that prices are clear up front, that risks are visible, and that nothing is buried in fine print. In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to use unfair, deceptive, or abusive practices."
All three advisory boards would be made up of 15 to 20 members and would meet at least two times annually, or at the call of the CFPB Director. Advisory board members who aren’t full-time federal employees would be entitled to compensation by the CFPB for their service and be provided travel expenses to attend CFPB meetings.