Bureau of Consumer Financial Protection Advisory Board Enhancement Act

To amend the Consumer Financial Protection Act of 2010 to establish advisory boards, and for other purposes. 1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Advisory Board Enhancement Act 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 1014A. Advisory Boards (a) Definitions In this section— (1) the term eligible financial product or service (2) the term rural area section 1393(a)(2) (3) the terms small business concern small business concern owned and controlled by veterans small business concern owned and controlled by women 15 U.S.C. 632 (b) 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 functions of the Bureau 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, the effect that decisions by the Bureau have on rural areas, concerns, and other relevant information. (2) Membership (A) Number The Director shall appoint not less than 15 and not more than 20 members to the Small Business Advisory Board. (B) Qualification Members appointed under subparagraph (A) shall be representatives of small business concerns that— (i) provide eligible financial products or services; and (ii) are service providers to covered persons. (C) Additional considerations In appointing members under subparagraph (A), the Director shall— (i) include members representing small business concerns owned and controlled by veterans, small business concerns owned and controlled by women, and minority-owned small business concerns, and the interests of those concerns, without regard to party affiliation; and (ii) require an adequate representation of members that own small business concerns for which the principal place of business is in a rural or underserved area. (3) Meetings The Small Business Advisory Board— (A) shall meet from time to time at the call of the Director; and (B) shall meet not less than twice each year. (c) 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 (A) Number The Director shall appoint not less than 15 and not more than 20 members to the Credit Union Advisory Council. (B) Considerations In appointing members under subparagraph (A), the Director shall— (i) include members representing credit unions predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation; and (ii) require an adequate representation of members that represent credit unions that are headquartered in a rural or underserved area. (3) Meetings The Credit Union Advisory Council— (A) shall meet from time to time at the call of the Director; and (B) shall meet not less than twice each year. (d) 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 (A) Number The Director shall appoint not less than 15 and not more than 20 members to the Community Bank Advisory Council. (B) Considerations In appointing members under subparagraph (A), the Director shall— (i) include members representing community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation; and (ii) require an adequate representation of members that represent community banks that are headquartered in a rural or underserved area. (3) Meetings The Community Bank Advisory Council— (A) shall meet from time to time at the call of the Director; and (B) shall meet not less than twice each year. (e) Compensation and travel expenses Members of the Small Business Advisory Board, the Credit Union Advisory Council, or the Community Bank Advisory Council, as established under subsections (b), (c), and (d), respectively, 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. . (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. Sec.1014A. Advisory Boards. .

Summary: Bureau of Consumer Financial Protection Advisory Board Enhancement Act This bill amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to establish: (1) a Small Business Advisory Board to advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding financial products or services provided for use by consumers primarily for personal, family, or household purposes and to provide information on emerging practices of small businesses that provide such products or services; and (2) 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.