The Consumer Financial Protection Bureau announced a number of changes to its advisory boards yesterday, and announced it is looking for experts in debt collections, among other areas.
Invitations to apply to the CFPB’s Consumer Advisory Board, Credit Union Advisory Council, Community Bank Advisory Council, and Academic Research Council are being solicited through May 5. The CFPB also announced changes to the terms of members on the four boards. All members will begin serving two year terms starting later this year. Half of the members of the boards will have their terms extended by one year and the other half will begin serving two-year terms later this year, meaning that half of each board will be replaced every year.
The boards were in the spotlight last year when Acting Director Mick Mulvaney fired all of their members, including Ohad Samet, the CEO of TrueAccord, before re-hiring new individuals. There are currently no debt collection industry professionals on any of the CFPB’s advisory boards.
But that could change. Among the areas the CFPB highlighted in its announcement of the changes to its boards, consumer reporting, debt collections, and debt relief were cited specifically by name.
Individuals who are interested in applying need to submit an application packet, which should include:
- A recommendation letter from a third party describing your interests and qualifications to serve on an advisory committee
- A cover letter explaining your interest and qualifications
- A current résumé or curriculum vitae
Yesterday’s announcement also mentioned that the frequency of board meetings will increase to three per year, from two.
“I’ve seen firsthand how the Bureau benefits from the valuable input provided by committee members. I have also seen how the joint committee meeting is resulting in members sharpening their ideas by engaging in a thorough dialogue,” said CFPB Director Kathy Kraninger. “These enhancements demonstrate my commitment to ensuring that the Bureau’s advisory committees are helping to improve our work on behalf of consumers.”
