II 

114TH CONGRESS 

1ST SESSION S. 1963 

To amend the Consumer Financial Protection Act of 2010 to establish 

advisory boards, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 5, 2015 

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’’. 


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1 SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN 

2 THE BUREAU OF CONSUMER FINANCIAL PRO3 TECTION. 

4 (a) IN GENERAL.—The Consumer Financial Protec5 tion Act of 2010 is amended by inserting after section 

6 1014 (12 U.S.C. 5494) the following: 

7 ‘‘SEC. 1014A. ADVISORY BOARDS. 

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

9 ‘‘(1) the term ‘eligible financial product or serv10 ice’ means a financial product or service that is of11 fered or provided for use by consumers primarily for 

12 personal, family, or household purposes as described 

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

14 1002(15)(A); 

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

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

17 Revenue Code of 1986; and 

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

19 business concern owned and controlled by veterans’, 

20 and ‘small business concern owned and controlled by 

21 women’ have the meanings given those terms in sec22 tion 3 of the Small Business Act (15 U.S.C. 632). 

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

24 ‘‘(1) ESTABLISHMENT.—The Director shall es25 tablish a Small Business Advisory Board— 


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1 ‘‘(A) to advise and consult with the Bu2 reau in the exercise of the functions of the Bu3 reau under the Federal consumer financial laws 

4 applicable to eligible financial products or serv5 ices; and 

6 ‘‘(B) to provide information on emerging 

7 practices of small business concerns that pro8 vide eligible financial products or services, in9 cluding regional trends, the effect that decisions 

10 by the Bureau have on rural areas, concerns, 

11 and other relevant information. 

12 ‘‘(2) MEMBERSHIP.— 

13 ‘‘(A) NUMBER.—The Director shall ap14 point not less than 15 and not more than 20 

15 members to the Small Business Advisory 

16 Board. 

17 ‘‘(B) QUALIFICATION.—Members ap18 pointed under subparagraph (A) shall be rep19 resentatives of small business concerns that— 

20 ‘‘(i) provide eligible financial products 

21 or services; and 

22 ‘‘(ii) are service providers to covered 

23 persons. 


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1 ‘‘(C) ADDITIONAL CONSIDERATIONS.—In 

2 appointing members under subparagraph (A), 

3 the Director shall— 

4 ‘‘(i) include members representing 

5 small business concerns owned and con6 trolled by veterans, small business concerns 

7 owned and controlled by women, and mi8 nority-owned small business concerns, and 

9 the interests of those concerns, without re10 gard to party affiliation; and 

11 ‘‘(ii) require an adequate representa12 tion of members that own small business 

13 concerns for which the principal place of 

14 business is in a rural or underserved area. 

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

16 Board— 

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

18 call of the Director; and 

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

20 year. 

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

22 ‘‘(1) ESTABLISHMENT.—The Director shall es23 tablish a Credit Union Advisory Council to advise 

24 and consult with the Bureau on consumer financial 

25 products or services that impact credit unions. 


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1 ‘‘(2) MEMBERSHIP.— 

2 ‘‘(A) NUMBER.—The Director shall ap3 point not less than 15 and not more than 20 

4 members to the Credit Union Advisory Council. 

5 ‘‘(B) CONSIDERATIONS.—In appointing 

6 members under subparagraph (A), the Director 

7 shall— 

8 ‘‘(i) include members representing 

9 credit unions predominantly serving tradi10 tionally underserved communities and pop11 ulations and their interests, without regard 

12 to party affiliation; and 

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

15 unions that are headquartered in a rural 

16 or underserved area. 

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

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

24 ‘‘(1) ESTABLISHMENT.—The Director shall es25 tablish a Community Bank Advisory Council to adVerDate Sep 11 2014 23:38 Aug 12, 2015 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S1963.IS S1963

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1 vise and consult with the Bureau on consumer finan2 cial products or services that impact community 

3 banks. 

4 ‘‘(2) MEMBERSHIP.— 

5 ‘‘(A) NUMBER.—The Director shall ap6 point not less than 15 and not more than 20 

7 members to the Community Bank Advisory 

8 Council. 

9 ‘‘(B) CONSIDERATIONS.—In appointing 

10 members under subparagraph (A), the Director 

11 shall— 

12 ‘‘(i) include members representing 

13 community banks predominantly serving 

14 traditionally underserved communities and 

15 populations and their interests, without re16 gard to party affiliation; and 

17 ‘‘(ii) require an adequate representa18 tion of members that represent community 

19 banks that are headquartered in a rural or 

20 underserved area. 

21 ‘‘(3) MEETINGS.—The Community Bank Advi22 sory Council— 

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

24 call of the Director; and 


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

2 year. 

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

4 Members of the Small Business Advisory Board, the Cred5 it Union Advisory Council, or the Community Bank Advi6 sory Council, as established under subsections (b), (c), and 

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

8 United States shall— 

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

10 rate fixed by the Director while attending meetings 

11 of the Small Business Advisory Board, the Credit 

12 Union Advisory Council, or the Community Bank 

13 Advisory Council, including travel time; and 

14 ‘‘(2) be allowed travel expenses, including trans15 portation and subsistence, while away from their 

16 homes or regular places of business.’’. 

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

18 of contents in section 1 of the Dodd-Frank Wall Street 

19 Reform and Consumer Protection Act (12 U.S.C. 5301 

20 et seq.) is amended by inserting after the item relating 

21 to section 1014 the following: 

‘‘Sec. 1014A. Advisory Boards.’’. 

Æ 


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