Title: Bureau of Consumer Financial Protection Advisory Board Enhancement Act
Policy area: Finance and Financial Sector

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.



[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1579 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  1st Session
                                S. 1579

  To amend the Consumer Financial Protection Act of 2010 to establish 
                advisory boards, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 19, 2017

 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.

    Be it enacted by the Senate and House of Representatives 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 Board Enhancement Act''.

SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN THE BUREAU OF CONSUMER 
              FINANCIAL PROTECTION.

    (a) In General.--Subtitle A of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5491 et seq.) is amended by inserting after 
section 1014 (12 U.S.C. 5494) the following:

``SEC. 1014A. ADVISORY BOARDS.

    ``(a) Definitions.--In this section--
            ``(1) the term `eligible financial product or service' 
        means a financial product or service that is offered 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);
            ``(2) the term `rural area' has the meaning given the term 
        in section 1393(a)(2) of the Internal Revenue Code of 1986; and
            ``(3) the terms `small business concern', `small business 
        concern owned and controlled by veterans', and `small business 
        concern owned and controlled by women' have the meanings given 
        those terms in section 3 of the Small Business Act (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 area 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 area 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 area 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(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111-203; 124 Stat. 1376) is amended by inserting after the 
item relating to section 1014 the following:

``Sec. 1014A. Advisory Boards.''.
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