IB 
Union Calendar No. 36 
114TH CONGRESS 
1ST SESSION H. R. 1195 
[Report No. 114–55] 
To amend the Consumer Financial Protection Act of 2010 to establish 
advisory boards, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 2, 2015 
Mr. PITTENGER (for himself and Mr. HECK of Washington) introduced the 
following bill; which was referred to the Committee on Financial Services 
APRIL 6, 2015 
Additional sponsors: Mrs. WAGNER, Mr. MCHENRY, Mr. NEUGEBAUER, Mr. 
KILMER, Ms. SINEMA, Mr. SHERMAN, Mr. PEARCE, Mr. STIVERS, Mr. 
JOLLY, Mr. LUETKEMEYER, Mr. TIPTON, Mr. BARR, Mr. MEADOWS, Mr. 
FITZPATRICK, Mr. HUIZENGA of Michigan, Mr. KING of New York, Mr. 
ROUZER, and Mr. MESSER 
APRIL 6, 2015 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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A BILL 
To amend the Consumer Financial Protection Act of 2010 
to establish advisory boards, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bureau of Consumer 
Financial Protection Advisory Boards Act’’. 
SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN 
THE BUREAU OF CONSUMER FINANCIAL PRO-
TECTION. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 is amended by inserting after section 
1014 (12 U.S.C. 5494) the following new section: 
‘‘SEC. 1014A. ADVISORY BOARDS. 
‘‘(a) SMALL BUSINESS ADVISORY BOARD.— 
‘‘(1) ESTABLISHMENT.—The Director shall es-
tablish a Small Business Advisory Board— 
‘‘(A) to advise and consult with the Bu-
reau in the exercise of the Bureau’s functions 
under the Federal consumer financial laws ap-
plicable to eligible financial products or services; 
and 
‘‘(B) to provide information on emerging 
practices of small business concerns that pro-
vide eligible financial products or services, in-
cluding regional trends, concerns, and other rel-
evant information. 
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‘‘(2) MEMBERSHIP.— 
‘‘(A) NUMBER.—The Director shall ap-
point no fewer than 15 and no more than 20 
members to the Small Business Advisory 
Board. 
‘‘(B) 
QUALIFICATION.—Members 
ap-
pointed 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 activi-
ties 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— 
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‘‘(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 es-
tablish 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 es-
tablish a Community Bank Advisory Council to ad-
vise and consult with the Bureau on consumer finan-
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cial 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 appoint-
ing such members, the Director is encouraged to en-
sure the participation of community banks predomi-
nantly serving traditionally underserved communities 
and populations and their interests, without regard 
to party affiliation. 
‘‘(3) MEETINGS.—The Community Bank Advi-
sory 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 Cred-
it Union Advisory Council, or the Community Bank Advi-
sory 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 
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‘‘(2) be allowed travel expenses, including trans-
portation and subsistence, while away from their 
homes or regular places of business. 
‘‘(e) DEFINITIONS.—In this section— 
‘‘(1) the term ‘eligible financial product or serv-
ice’ means a financial product or service that is of-
fered or provided for use by consumers primarily for 
personal, family, or household purposes as described 
in clause (i), (iii), (v), (vi), or (ix) of section 
1002(15)(A); and 
‘‘(2) the term ‘small business concern’ has the 
meaning given such term in section 3 of the Small 
Business Act (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.) is amended by inserting after the item relating 
to section 1014 the following new item: 
‘‘Sec. 1014A. Advisory Boards.’’. 
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Union Calendar No. 36 
114TH CONGRESS 
1ST SESSION 
H. R. 1195 
[Report No. 114–55] 
A BILL 
To amend the Consumer Financial Protection Act 
of 2010 to establish advisory boards, and for 
other purposes. 
APRIL 6, 2015 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
21:29 Apr 06, 2015
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PO 00000
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