Bureau of Consumer Financial Protection Small Business Advisory Board Act

Bill: 113-hr-4383
Sponsor: full_name: Rep. Pittenger, Robert [R-NC-9]
Introduced: 2014-04-03
Policy area: Finance and Financial Sector
Subjects: Advisory bodies

Consumer affairs

Financial services and investments

Small business
Latest action: action_date: 2014-06-10
text: Ordered to be Reported (Amended) by Voice Vote.

Summaries:
action_date: 2014-04-03
action_desc: Introduced in House
text: <p>Bureau of Consumer Financial Protection Small Business Advisory Board Act - 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 Bureau in the exercise of the Bureau's functions under the federal consumer financial laws applicable to eligible financial products or services; and (2) provide information on emerging practices of small businesses that provide eligible financial products or services, including regional trends, concerns, and other relevant information. </p> <p>Requires the Director to appoint at least 12 members to such Board.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4383 IN THE HOUSE OF REPRESENTATIVES April 3, 2014 Mr. Pittenger (for himself and Mr. Heck of Washington ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to establish a Small Business Advisory Board, and for other purposes.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Small Business Advisory Board Act . 2. Establishment of a Small Business Advisory Board 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) the following new section: 1014A. Small Business Advisory Board (a) Establishment The Director shall establish a Small Business Advisory Board— (1) 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 (2) 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. (b) Membership (1) Number The Director shall appoint no fewer than 12 members to the Small Business Advisory Board. (2) Qualification Members appointed pursuant to paragraph (1) shall be representatives of small business concerns that provide eligible financial products or services. (c) Meetings The Small Business Advisory Board— (1) shall meet from time to time at the call of the Director; and (2) shall meet at least twice each year. (d) Compensation and travel expenses Members of the Small Business Advisory Board 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, 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 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); 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 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 related to section 1014 the following new item: Sec.1014A. Small Business Advisory Board. .