BCFP’s New Consumer Advisory Board Contains No Debt Collection Members

When the Bureau of Consumer Financial Protection (Bureau of BCFP) announced it would be accepting applications for new members to its Consumer Advisory Board (CAB or Board), insideARM published an article asking whether the Bureau would choose more than one ARM industry representative for the Board. On Friday, the industry finally got its answer, and that answer is no.

In June Acting Director Mick Mulvaney disbanded all advisory boards, including CAB, saying the boards were too big and that they cost too much to operate. He said at the time that boards would be selected (and none of the just released members would be eligible to participate). Last Friday afternoon the Bureau announced its appointments. While the new CAB contains a member in the loan servicing space, noticeably absent from the list, in a year when rulemaking is expected, is representation from the debt collection industry. 

The new CAB members include:

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