The Bureau of Consumer Financial Protection on Friday announced its newly redesigned Consumer Advisory Board, Credit Union Advisory Council, and Community Bank Advisory Council, each a more streamlined version of their predecessors.
The Consumer Advisory Board, for example, now has nine members, down from 25 when they were all fired back in June.
The nine members of the CAB are:
- Liz Coyle, Executive Director, Georgia Watch
- Sameh Elamawy, Chief Executive Officer, Scratch Services, Inc.
- Manning Field, Chief Operating Officer, Acorns
- Jason B. Gross, Chief Executive Officer, Petal
- Clinton B. Gwin, President and CEO, Pathway Lending
- Ronald A. Johnson, President, Clark Atlanta University
- Brent Neiser, Senior Director of Strategic Programs and Alliances, National Endowment for Financial Education
- Sophie Raseman, Director of Product, Brightside
- Luz Urrutia, Chief Executive Officer, Opportunity Fund
None of the nine members are directly involved with the ARM industry, although Scratch Services is a company that partners with lenders to offer consumers “a transparent, flexible, and reliable way for you to pay back your loans,” according to the company’s website. Ohad Samet, the CEO of TrueAccord, was the only member of the ARM industry who was among the group of 25 members that were fired back in June.
One the nine new members, only Brent Neiser appears to be someone who previously served on the agency’s CAB; the other eight members appear to be on the board for the first time.
Mick Mulvaney, the acting director of the BCFP, fired the members of all three boards in June, announcing it as a cost-saving measure, even though individuals who were on the boards offered to pay their own way to meetings in Washington, D.C. The firings came days after a group of 15 CAB members sent Mulvaney a letter, criticizing him for not holding meetings, as is required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Today, I am appointing experts to the Bureau’s advisory committees who will bring a fresh perspective to our important work,” said Mick Mulvaney, in a statement. “These experts are highly talented individuals in consumer finance markets, and we look forward to working closely with them throughout their service.”
