Mulvaney Disbands All Advisory Boards; Wants to Start Fresh

Yesterday the Bureau of Consumer Financial Protection (BCFP or Bureau) announced it would disband all three of its formal advisory boards, including the Consumer Advisory Board (CAB). American Banker reported that CAB members were told about the development by Anthony Welcher, the BCFP’s new policy advisor for external affairs, during a conference call. The article quoted Welcher:

"We've decided we're going to start the advisory groups with new membership, to bring in these new perspectives and new dialogue. We want more diverse voices and we want to bring people in from larger-scale organizations, larger-scale opportunities in the communities to hear about processes we may be going through."

American Banker also reported that members of all three advisory boards, including the CAB, the Community Bank Advisory Board and the Credit Union Advisory Board received an email stating that they were terminated and would not be allowed to re-apply to a newly constituted future board.

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