The Consumer Financial Protection Bureau announced yesterday that it will begin accepting applications from individuals who would like to participate in one of its four advisory committees, including the Consumer Advisory Board.
Applications will be accepted starting July 5 and must be submitted before July 24.
The committee that is closest to the accounts receivable management industry is the Consumer Advisory Board, which has not had an industry representative on it since 2018. The Consumer Advisory Board is “charged with identifying and assessing the impact of emerging products, practices, or services on consumers and other market participants.”
The current composition of the Consumer Advisory Board is mostly consumer advocates, along with representatives from Visa and Capital One. The current members of the CAB are:
- Leigh Phillips (Chair), President and CEO, SaverLife
- Joaquin Altoro, Chief Executive Officer, Wisconsin Housing & Economic Development Authority
- Lorray Brown, Attorney/Consumer Law Attorney/Co-Director, Michigan Poverty Law Program
- Louis Caditz-Peck, Director, Public Policy, LendingClub
- Stephanie Carroll, Directing Attorney, Consumer Rights & Economic Justice, Public Counsel
- David Ehrich, Executive Director, AIR – Alliance for Innovative Regulation
- Laurie Goodman, Director, Housing Finance Policy Center, Urban Institute
- Margaret Libby, Founder and CEO, MyPath
- Andres Navarrete, Executive Vice President, External Affairs, Capital One
- Beverly Ruggia, Financial Justice Program Director, New Jersey Citizen Action
- Faith Schwartz, President, Housing Finance Strategies
- Ky Tran-Trong, Vice President and Associate General Counsel, Visa
- Pete Upton, Executive Director, Native360 Loan Fund
- Mae Watson Grote, Founder and CEO, Change Machine
Members of the Consumer Advisory Board serve two-year terms. Among the types of applicants that the CFPB says it is looking for are experts in debt collection and consumer reporting, among other groups.
If you are interested in applying, you will have to supply a cover letter explaining your interests and qualifications, provide a current resume, submit recommendation letter(s) from third parties describing your interests and qualifications to serve, and fill out a questionnaire. The CFPB is also accepting applications for its Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.
