Bureau of Consumer Financial Protection Advisory Boards 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 Boards 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) 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 is encouraged to ensure the participation of minority- and women-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 is encouraged to ensure the participation of 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 is encouraged to ensure the participation of 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 (2) the term small business concern 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. Sec.1014A. Advisory Boards. . April 6, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

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.