CFPB Seeks Applications from Experts in Debt Collection for Consumer Advisory Board, Will the ARM Industry See Some Representation Again?

On Thursday, March 21, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking applications for its advisory committees, including the Consumer Advisory Board (CAB). According to the announcement, the CFPB is looking for experts from both sides of the aisle, including consumer advocates, experts in consumer financial products or services (such as debt collection and credit reporting), as well as academics with economic and public policy backgrounds.

Applications, which can be found here, are due by May 5, 2019.

Earlier this month, Director Kathy Kraninger received backlash from Congress regarding her predecessor’s decision to disband all of the CFPB’s advisory boards. This occurred during both the House Financial Services Committee and the Senate Banking Committee hearings where Director Kraninger testified as part of the CFPB’s annual report to Congress. Former Acting Director Mick Mulvaney disbanded the advisory boards in June 2018, citing that they were too large and too costly. However, Mulvaney re-established the advisory boards, including the CAB, in September 2018, which was not mentioned at all during the congressional hearings.

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