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[Federal Register Volume 77, Number 36 (Thursday, February 23, 2012)]
[Notices]
[Pages 10725-10727]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-4240]

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BUREAU OF CONSUMER FINANCIAL PROTECTION

Establishment of the Consumer Advisory Board and Solicitation of 
Nominations for Membership

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice.

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SUMMARY: The Bureau of Consumer Financial Protection (the ``Bureau'') 
announces the establishment of the Consumer Advisory Board (the 
``Board''), which will advise and consult with the Bureau in the 
exercise of the Bureau's functions under the Federal consumer financial 
protection laws, and which will provide information to the Bureau 
concerning emerging trends and practices in the financial services and 
products industry. This Notice seeks nominations for members to serve 
on the Board.

DATES: Nominations received on or before March 30, 2012 will be given 
consideration for membership on the Board.

ADDRESSES: All nominations for membership on the Board should be sent:

[[Page 10726]]

     Electronically: CABnominations@cfpb.gov. We strongly 
encourage electronic submissions.
     Mail: Monica Jackson/CAB Nominations, Consumer Financial 
Protection Bureau, 1500 Pennsylvania Avenue NW., (Attn: 1801 L Street), 
Washington, DC 20220.
     Hand Delivery/Courier in Lieu of Mail: Monica Jackson/CAB 
Nominations, Consumer Financial Protection Bureau, 1801 L Street NW., 
Washington, DC 20036.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Kimberly Miller, Consumer Financial Protection 
Bureau, (202) 435-7451.

SUPPLEMENTARY INFORMATION:

I. Background

    The Bureau is charged with regulating ``the offering and provision 
of consumer financial products or services under the Federal consumer 
financial laws,'' so as to ensure that ``all consumers have access to 
markets for consumer financial products and services and that markets 
for consumer financial products and services are fair, transparent, and 
competitive.'' Pursuant to Section 1021(c) of the Wall Street Reform 
and Consumer Protection Act, Public Law 111-203 (the ``Dodd-Frank 
Act''), the Bureau's primary functions are:
    1. Conducting financial education programs;
    2. Collecting, investigating, and responding to consumer 
complaints;
    3. Collecting, researching, monitoring, and publishing information 
relevant to the function of markets for consumer financial products and 
services to identify risks to consumers and the proper functioning of 
such markets;
    4. Supervising persons covered under the Dodd-Frank Act for 
compliance with Federal consumer financial law, and taking appropriate 
enforcement action to address violations of Federal consumer financial 
law;
    5. Issuing rules, orders, and guidance implementing Federal 
consumer financial law; and
    6. Performing such support activities as may be needed or useful to 
facilitate the other functions of the Bureau.
    Section 1014 of the Dodd-Frank Act calls for the Director of the 
Bureau to establish a Consumer Advisory Board to advise and consult 
with the Bureau regarding its functions, and to provide information on 
emerging trends and practices in the consumer financial markets.

II. Establishment and Functions of the Consumer Advisory Board

    The Board will be established when the Bureau approves a charter. 
The charter will be filed with the Director of the Bureau, furnished to 
the Library of Congress, and posted on the Bureau's Web site at 
www.consumerfinance.gov. The Bureau will send a copy of the charter to 
the Committee on Banking, Housing, and Urban Affairs of the United 
States Senate and the Committee on Financial Services of the United 
States House of Representatives.
    As set forth in Section 1014(a) of the Dodd-Frank Act, the Board's 
objectives are to ``advise and consult with the Bureau in the Bureau's 
exercise of its functions under the Federal consumer financial 
protection laws,'' and to ``provide information on emerging practices 
in the consumer financial products and services industry, including 
regional trends, concerns, and other relevant information.'' The 
Board's charter will provide that the function of the Board is to be 
solely advisory. The Bureau alone will decide what action it will take 
and policy it will express with respect to the Federal consumer 
financial laws.
    The Board will meet at such intervals as are necessary to carry out 
its functions, but not less than twice per year. Meetings of subgroups 
or subcommittees of the full Board established according to the terms 
of the charter may occur more frequently.
    The Director will make appointments to the Board without regard to 
political affiliation. To achieve the Board's goals, not fewer than 
sixteen members will be appointed who can represent effectively the 
varied interests affected by the range of issues to be considered. The 
Board's membership will be balanced in terms of points of view 
represented and the functions to be performed. Section 1014(b) of the 
Dodd-Frank Act provides that ``[n]ot fewer than 6 members shall be 
appointed upon the recommendation of the regional Federal Reserve Bank 
Presidents, on a rotating basis.''
    Of the members appointed by the Director,
    1. One-third shall be appointed to an initial one-year term;
    2. One-third shall be appointed to an initial two-year term; and
    3. One-third shall be appointed to an initial three-year term.

The length of a member's initial term will be determined by lottery. 
Each member appointed may seek to renew his or her appointment to the 
Board for a single, second term of three years, pursuant to the 
procedures outlined in the Board's charter. The members will serve at 
the pleasure of the Director from the date of appointment to the Board, 
not to exceed two terms. The Director will designate the Board Chair 
and Vice Chair. The Chair and Vice Chair will serve in those positions 
at the pleasure of the Director.
    In accord with Section 1014(d) of the Dodd-Frank Act, members of 
the Board who are not full-time employees of the United States will 
receive compensation at a rate fixed by the Director while attending 
meetings of the Board, including reasonable travel and subsistence 
expenses while away from their homes or regular places of business. 
Wherever practical in terms of cost and logistics, the Bureau may hold 
meetings outside of the Washington, DC metropolitan area.

III. Qualifications

    Pursuant to Section 1014(b) of the Dodd-Frank Act, in appointing 
members to the Board, ``the Director shall seek to assemble experts in 
consumer protection, financial services, community development, fair 
lending and civil rights, and consumer financial products or services 
and representatives of depository institutions that primarily serve 
underserved communities, and representatives of communities that have 
been significantly impacted by higher-priced mortgage loans, and seek 
representation of the interests of covered persons and consumers, 
without regard to party affiliation.'' The determinants of 
``expertise'' shall depend, in part, on the constituency, interests, or 
industry sector the nominee seeks to represent, and where appropriate, 
shall include significant experience as a direct service provider to 
consumers.
    The Bureau wishes to ensure adequate representation on the Board by 
women, minority groups, and individuals with disabilities and, 
therefore, encourages nominations of qualified candidates from these 
groups. The Bureau also wishes to establish a Board that is represented 
by a diversity of viewpoints and constituencies and, therefore, 
encourages nominations for qualified candidates who:
    1. Represent the United States' geographic diversity; and
    2. Represent the interests of special populations identified in the 
Dodd-Frank Act, including service members, older Americans, students, 
and traditionally underserved consumers and communities.
    The Bureau will not entertain nominations of Federally registered 
lobbyists and individuals who have been convicted of a felony for a 
position on the Board.

[[Page 10727]]

IV. Nomination Procedures

    Any interested person or organization may nominate a qualified 
candidate for membership on the Board. Nominations must include:
    1. A letter describing the nominee's interests and qualifications 
to serve on the Board and including an indication that the nominee is 
willing to be considered for Board membership; and
    2. A complete resume or curriculum vitae for the nominee.
    CFPB does not request letters of recommendation and will not 
consider them. To evaluate potential sources of conflicts of interest, 
the Bureau may ask potential candidates to provide information related 
to financial holdings and/or professional affiliations, and to allow 
the Bureau to perform a background check.
    The Bureau will not review nominations and will not answer 
questions from internal or external parties regarding nominations until 
the nominations period has closed.

    Dated: February 17, 2012.
Meredith Fuchs,
Chief of Staff, Consumer Financial Protection Bureau.
[FR Doc. 2012-4240 Filed 2-22-12; 8:45 am]
BILLING CODE 4810-AM-P
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