CFPB Opens Advisory Council Meetings
The CFPB has announced that full meetings conducted by the Credit Union Advisory Council and other advisory boards will be open to the public.
“Since establishing our Consumer Advisory Board and Councils in 2012, these groups have provided us with information about emerging trends and practices, allowed us to hear directly from small financial institutions, and the Academic Research Council has provided technical and scientific advice to our Office of Research,” said a blog post on the CFPB website from Delicia Hand, staff director for the Consumer Advisory Board and Councils.
“From their establishment, we’ve been committed to providing transparency into these interactions by providing membership information, meeting summaries, and notices of meetings, among other things,” said her statement on Tuesday.
Hand pointed out that some stakeholders have requested even more openness.
“We’ve taken those requests to heart. To provide more transparency and to be responsive to the requests we’ve received, we’re changing the format of our board and council meetings and opening these full meetings to the public,” Hand said.
“Starting with our June 18th meeting, the public may attend or watch the live stream of the full Consumer Advisory Board and council meetings, the same way most other agencies allow under the Federal Advisory Committee Act,” she added.
The groups affected by the new policy include the Credit Union Advisory Council, the Consumer Advisory Board, Community Bank Advisory Council and Academic Research Council.
“We fully support the CFPB’s decision to open its meetings and allow for greater transparency,” said CUNA SVP and Deputy General Counsel Mary Dunn.
“Open meetings allow all who are interested in the proceedings to be involved. This policy change is a step in the right direction and aligned with our stance on transparency.”