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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.

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.

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.

","official_title":"To amend the Consumer Financial Protection Act of 2010 to establish advisory boards, and for other purposes.","short_title":"Bureau of Consumer Financial Protection Advisory Boards Act","popular_title":null,"short_summary":"Bureau of Consumer Financial Protection Advisory Boards Act\n\n (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices.\n\nRequires Board members to be representatives of small business concerns that:\n\n provide financial products or services for use by consumers primarily for personal, family, or household purposes, are service providers to covered persons; and use consumer financial products or services in financing the business activities of such small businesses. Requires the Director, in making such Board appointments, to include members representing minority-, women-, and veteran-owned small business concerns and their interests, with...","summarized":true,"cost":null,"cost_commentary":"A current CBO cost estimate is unavailable. In August 2014 the CBO analyzed a previous version of this legislation, and estimated that the CFPB would spend less than $500,000 each year to support the three advisory groups. It projected that implementing the legislation would cost about $4 million over the 2015-2024 period. ","impact":"People who use the services of community banks, credit unions, and small businesses, community banks, credit unions, small businesses, the CFPB, and the CFPB Director. ","argument_for":"Small businesses, community banks, credit unions, and the people who use them are all affected by CFPB’s regulations. They should all have a seat at the table to voice their concerns. ","argument_against":"Why should financial institutions and businesses have an advisory role in creating the regulations? 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I don't know how and I don't anyone but that wont stop me. I may not be your normal person wanting to get into politics but sometimes instead of talking about the change we just need to start changing. Online version of voting is amazing and it will help bring the town hall meetings online. If I ever decided to run for office I would vote on how the people vote on those issues. Please feel free to contact me. Thank you.","twitter_id":"@micheal_baca_t","facebook_id":"Micheal.baca.t","youtube_id":null,"google_plus_id":null,"website":"https://www.linkedin.com/profile/view?id=95801518&trk=hp-identity-name","slug":"michealbaca-t","issue_count":100,"is_following":null,"influence_score":1380,"influence_level":30,"follower_count":12,"following_count":12,"position_count":43,"id":"emQn8p9x","partner_id":null}],"bill_position":{"flagged":false,"id":"f7fb3808-ea75-4f79-930a-d568e6ca1e1a","argument_for":"How do you expect people to grow if you don't give them any sunlight? Everyone has their right for their voice to be concerned which is why these online sites are so important.","argument_against":null,"show_argument_for":true,"show_argument_against":false,"upvote_count":0,"upvotes_for_count":0,"upvotes_against_count":null,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/f7fb3808-ea75-4f79-930a-d568e6ca1e1a"},"body":"How do you expect people to grow if you don't give them any sunlight? Everyone has their right for their voice to be concerned which is why these online sites are so important.","stance":"yea","created_at":"2015-04-14T15:24:45.717Z","shareable_image_url":"https://n.causes.com/share-images/positions/f7fb3808-ea75-4f79-930a-d568e6ca1e1a.png","note_color":null,"note_text":null,"bill_id":"hr1195-114","user_id":"emQn8p9x","endorser_ids":[]}}

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Creating Advisory Boards in the CFPB for Small Business, Community Banks, and Credit Unions