II 

115TH CONGRESS 

1ST SESSION S. 1579 

To amend the Consumer Financial Protection Act of 2010 to establish 

advisory boards, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 19, 2017 

Mr. ROUNDS (for himself and Mr. KING) introduced the following bill; which 

was read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to establish advisory boards, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Bureau of Consumer 

5 Financial Protection Advisory Board Enhancement Act’’. 

6 SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN 

7 THE BUREAU OF CONSUMER FINANCIAL PRO8 TECTION. 

9 (a) IN GENERAL.—Subtitle A of the Consumer Fi10 nancial Protection Act of 2010 (12 U.S.C. 5491 et seq.) 


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1 is amended by inserting after section 1014 (12 U.S.C. 

2 5494) the following: 

3 ‘‘SEC. 1014A. ADVISORY BOARDS. 

4 ‘‘(a) DEFINITIONS.—In this section— 

5 ‘‘(1) the term ‘eligible financial product or serv6 ice’ means a financial product or service that is of7 fered or provided for use by consumers primarily for 

8 personal, family, or household purposes as described 

9 in clause (i), (iii), (v), (vi), or (ix) of section 

10 1002(15)(A); 

11 ‘‘(2) the term ‘rural area’ has the meaning 

12 given the term in section 1393(a)(2) of the Internal 

13 Revenue Code of 1986; and 

14 ‘‘(3) the terms ‘small business concern’, ‘small 

15 business concern owned and controlled by veterans’, 

16 and ‘small business concern owned and controlled by 

17 women’ have the meanings given those terms in sec18 tion 3 of the Small Business Act (15 U.S.C. 632). 

19 ‘‘(b) SMALL BUSINESS ADVISORY BOARD.— 

20 ‘‘(1) ESTABLISHMENT.—The Director shall es21 tablish a Small Business Advisory Board— 

22 ‘‘(A) to advise and consult with the Bu23 reau in the exercise of the functions of the Bu24 reau under the Federal consumer financial laws 


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1 applicable to eligible financial products or serv2 ices; and 

3 ‘‘(B) to provide information on emerging 

4 practices of small business concerns that pro5 vide eligible financial products or services, in6 cluding regional trends, the effect that decisions 

7 by the Bureau have on rural areas, concerns, 

8 and other relevant information. 

9 ‘‘(2) MEMBERSHIP.— 

10 ‘‘(A) NUMBER.—The Director shall ap11 point not less than 15 and not more than 20 

12 members to the Small Business Advisory 

13 Board. 

14 ‘‘(B) QUALIFICATION.—Members ap15 pointed under subparagraph (A) shall be rep16 resentatives of small business concerns that— 

17 ‘‘(i) provide eligible financial products 

18 or services; and 

19 ‘‘(ii) are service providers to covered 

20 persons. 

21 ‘‘(C) ADDITIONAL CONSIDERATIONS.—In 

22 appointing members under subparagraph (A), 

23 the Director shall— 

24 ‘‘(i) include members representing 

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1 trolled by veterans, small business concerns 

2 owned and controlled by women, and mi3 nority-owned small business concerns, and 

4 the interests of those concerns, without re5 gard to party affiliation; and 

6 ‘‘(ii) require an adequate representa7 tion of members that own small business 

8 concerns for which the principal place of 

9 business is in a rural area or underserved 

10 area. 

11 ‘‘(3) MEETINGS.—The Small Business Advisory 

12 Board— 

13 ‘‘(A) shall meet from time to time at the 

14 call of the Director; and 

15 ‘‘(B) shall meet not less than twice each 

16 year. 

17 ‘‘(c) CREDIT UNION ADVISORY COUNCIL.— 

18 ‘‘(1) ESTABLISHMENT.—The Director shall es19 tablish a Credit Union Advisory Council to advise 

20 and consult with the Bureau on consumer financial 

21 products or services that impact credit unions. 

22 ‘‘(2) MEMBERSHIP.— 

23 ‘‘(A) NUMBER.—The Director shall ap24 point not less than 15 and not more than 20 

25 members to the Credit Union Advisory Council. 


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1 ‘‘(B) CONSIDERATIONS.—In appointing 

2 members under subparagraph (A), the Director 

3 shall— 

4 ‘‘(i) include members representing 

5 credit unions predominantly serving tradi6 tionally underserved communities and pop7 ulations and their interests, without regard 

8 to party affiliation; and 

9 ‘‘(ii) require an adequate representa10 tion of members that represent credit 

11 unions that are headquartered in a rural 

12 area or underserved area. 

13 ‘‘(3) MEETINGS.—The Credit Union Advisory 

14 Council— 

15 ‘‘(A) shall meet from time to time at the 

16 call of the Director; and 

17 ‘‘(B) shall meet not less than twice each 

18 year. 

19 ‘‘(d) COMMUNITY BANK ADVISORY COUNCIL.— 

20 ‘‘(1) ESTABLISHMENT.—The Director shall es21 tablish a Community Bank Advisory Council to ad22 vise and consult with the Bureau on consumer finan23 cial products or services that impact community 

24 banks. 

25 ‘‘(2) MEMBERSHIP.— 


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1 ‘‘(A) NUMBER.—The Director shall ap2 point not less than 15 and not more than 20 

3 members to the Community Bank Advisory 

4 Council. 

5 ‘‘(B) CONSIDERATIONS.—In appointing 

6 members under subparagraph (A), the Director 

7 shall— 

8 ‘‘(i) include members representing 

9 community banks predominantly serving 

10 traditionally underserved communities and 

11 populations and their interests, without re12 gard to party affiliation; and 

13 ‘‘(ii) require an adequate representa14 tion of members that represent community 

15 banks that are headquartered in a rural 

16 area or underserved area. 

17 ‘‘(3) MEETINGS.—The Community Bank Advi18 sory Council— 

19 ‘‘(A) shall meet from time to time at the 

20 call of the Director; and 

21 ‘‘(B) shall meet not less than twice each 

22 year. 

23 ‘‘(e) COMPENSATION AND TRAVEL EXPENSES.— 

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1 sory Council, as established under subsections (b), (c), and 

2 (d), respectively, who are not full-time employees of the 

3 United States shall— 

4 ‘‘(1) be entitled to receive compensation at a 

5 rate fixed by the Director while attending meetings 

6 of the Small Business Advisory Board, the Credit 

7 Union Advisory Council, or the Community Bank 

8 Advisory Council, including travel time; and 

9 ‘‘(2) be allowed travel expenses, including trans10 portation and subsistence, while away from their 

11 homes or regular places of business.’’. 

12 (b) TABLE OF CONTENTS AMENDMENT.—The table 

13 of contents in section 1(b) of the Dodd-Frank Wall Street 

14 Reform and Consumer Protection Act (Public Law 111– 

15 203; 124 Stat. 1376) is amended by inserting after the 

16 item relating to section 1014 the following: 

‘‘Sec. 1014A. Advisory Boards.’’. 

Æ 


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