Bureau of Consumer Financial Protection Advisory Boards Act

Summary: Bureau of Consumer Financial Protection Advisory Boards Act   (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. Requires Board members to be representatives of small business concerns that:   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, without regard to party affiliation.  Requires the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.  Directs the Director, in making appointments to the Councils, to include members representing credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation. (Sec. 3) Prohibits the Director from requesting funds: (1) during FY 2020 in an amount that would exceed $655 million, and (2) during FY 2025 in an amount that would exceed $720 million. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau of Consumer Financial 
Protection Advisory Boards Act''.

SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN THE BUREAU OF CONSUMER 
              FINANCIAL PROTECTION.

    (a) In General.--The Consumer Financial Protection Act of 2010 is 
amended by inserting after section 1014 (12 U.S.C. 5494) the following 
new section:

``SEC. 1014A. ADVISORY BOARDS.

    ``(a) Small Business Advisory Board.--
            ``(1) Establishment.--The Director shall establish a Small 
        Business Advisory Board--
                    ``(A) to advise and consult with the Bureau in the 
                exercise of the Bureau's functions under the Federal 
                consumer financial laws applicable to eligible 
                financial products or services; and
                    ``(B) to provide information on emerging practices 
                of small business concerns that provide eligible 
                financial products or services, including regional 
                trends, concerns, and other relevant information.
            ``(2) Membership.--
                    ``(A) Number.--The Director shall appoint no fewer 
                than 15 and no more than 20 members to the Small 
                Business Advisory Board.
                    ``(B) Qualification.--Members appointed pursuant to 
                subparagraph (A) shall be representatives of small 
                business concerns that--
                            ``(i) provide eligible financial products 
                        or services;
                            ``(ii) are service providers to covered 
                        persons; and
                            ``(iii) use consumer financial products or 
                        services in financing the business activities 
                        of such concern.
                    ``(C) Additional considerations.--In appointing 
                members pursuant to subparagraph (A), the Director 
                shall include members representing minority-, women-, 
                and veteran-owned small business concerns and their 
                interests, without regard to party affiliation.
            ``(3) Meetings.--The Small Business Advisory Board--
                    ``(A) shall meet from time to time at the call of 
                the Director; and
                    ``(B) shall meet at least twice each year.
    ``(b) Credit Union Advisory Council.--
            ``(1) Establishment.--The Director shall establish a Credit 
        Union Advisory Council to advise and consult with the Bureau on 
        consumer financial products or services that impact credit 
        unions.
            ``(2) Membership.--The Director shall appoint no fewer than 
        15 and no more than 20 members to the Credit Union Advisory 
        Council. In appointing such members, the Director shall include 
        members representing credit unions predominantly serving 
        traditionally underserved communities and populations and their 
        interests, without regard to party affiliation.
            ``(3) Meetings.--The Credit Union Advisory Council--
                    ``(A) shall meet from time to time at the call of 
                the Director; and
                    ``(B) shall meet at least twice each year.
    ``(c) Community Bank Advisory Council.--
            ``(1) Establishment.--The Director shall establish a 
        Community Bank Advisory Council to advise and consult with the 
        Bureau on consumer financial products or services that impact 
        community banks.
            ``(2) Membership.--The Director shall appoint no fewer than 
        15 and no more than 20 members to the Community Bank Advisory 
        Council. In appointing such members, the Director shall include 
        members representing community banks predominantly serving 
        traditionally underserved communities and populations and their 
        interests, without regard to party affiliation.
            ``(3) Meetings.--The Community Bank Advisory Council--
                    ``(A) shall meet from time to time at the call of 
                the Director; and
                    ``(B) shall meet at least twice each year.
    ``(d) Compensation and Travel Expenses.--Members of the Small 
Business Advisory Board, the Credit Union Advisory Council, or the 
Community Bank Advisory Council who are not full-time employees of the 
United States shall--
            ``(1) be entitled to receive compensation at a rate fixed 
        by the Director while attending meetings of the Small Business 
        Advisory Board, the Credit Union Advisory Council, or the 
        Community Bank Advisory Council, including travel time; and
            ``(2) be allowed travel expenses, including transportation 
        and subsistence, while away from their homes or regular places 
        of business.
    ``(e) Definitions.--In this section--
            ``(1) the term `eligible financial product or service' 
        means a financial product or service that is offered or 
        provided for use by consumers primarily for personal, family, 
        or household purposes as described in clause (i), (iii), (v), 
        (vi), or (ix) of section 1002(15)(A); and
            ``(2) the term `small business concern' has the meaning 
        given such term in section 3 of the Small Business Act (15 
        U.S.C. 632).''.
    (b) Table of Contents Amendment.--The table of contents in section 
1 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301 et seq.) is amended by inserting after the item relating to 
section 1014 the following new item:

``Sec. 1014A. Advisory Boards.''.

SEC. 3. BUREAU FUNDING AUTHORITY.

    The Director of the Bureau of Consumer Financial Protection, under 
section 1017 of the Consumer Financial Protection Act of 2010, may not 
request--
            (1) during fiscal year 2020, an amount that would result in 
        the total amount requested by the Director during that fiscal 
        year to exceed $655,000,000; and
            (2) during fiscal year 2025, an amount that would result in 
        the total amount requested by the Director during that fiscal 
        year to exceed $720,000,000.

            Passed the House of Representatives April 22, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.