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This bill would require all committees and subcommittees of the Consumer Financial Protection Bureau (CFPB) to comply with the Federal Advisory Committee Act (FACA) — requiring them to publish meeting schedules and agendas, hold open meetings when possible, and publish summaries of their meetings.

Created in 2010, CFPB is primarily responsible for consumer protection in the financial sector — that means, as their website states:

\"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.\"

CFPB oversees banks, credit unions, securities firms, payday lenders, mortgage servicing operations, foreclosure relief services, debt collectors, and other financial companies. They are a resource for people in the U.S. who want to file complaints against these institutions for not following the guidelines above.

If passed, this bill would also amend the Consumer Financial Protection Act to specifically apply FACA to committees formed through the CFPB. The CFPB would also be responsible for creating a government-wide database for congressional oversight and public availability.

\n\n","official_title":"To apply the requirements of the Federal Advisory Committee Act to the Bureau of Consumer Financial Protection.","short_title":"Bureau Advisory Commission Transparency Act","popular_title":null,"short_summary":"(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)\n\nBureau Advisory Commission Transparency Act\n\n(Sec. 2) Amends the Consumer Financial Protection Act of 2010 to declare the Federal Advisory Committee Act applicable to each advisory committee and subcommittee of the Consumer Financial Protection Bureau.","summarized":true,"cost":1000000,"cost_commentary":"A CBO cost estimate is unavailable. However, a CBO analysis of a previous version of this bill done in June 2014, found that implementation would increase the CFPB’s spending by about $1 million over the 2015-2024 period, which is about $100,000 per year. This would largely be the result of increased reports and offering accommodations for public meetings. ","impact":"Members of the public who want to know the details of CFPB meetings, the CFPB, and the U.S. General Services Administration (GSA).","argument_for":"Secrecy for national security purposes is one thing, but the reasoning for the Consumer Financial Protection Bureau’s closed meetings is very unclear. Shouldn’t it want consumers to know about the work it does? ","argument_against":"This is part of a larger legislative attack on the CFPB that would ultimately weaken consumer and investor protections. The public doesn’t really need to know about the details of the CFPB’s meetings, and CFPB already offers agendas and summaries. 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Does the Consumer Financial Protection Bureau Need to be More Transparent?