April 20, 2020 / Source: CFPB

Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), the Credit Union Advisory Council (CUAC), and the Academic Research Council (ARC) will meet jointly on May 1st from 2:00 to 4:15 pm ET via conference call. The call will be open to the public.

The meeting will focus on the COVID-19 pandemic, including a snap shot of consumer complaints as a result of the pandemic, and the impact of the pandemic on consumers, including servicemembers, students, older Americans, and the underserved.

The CAB is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise and consult with the Bureau’s Director on a variety of consumer financial issues. In 2012, the Bureau also created three additional discretionary committees: the CBAC, CUAC, and ARC. The CBAC and CUAC advise and consult with the Bureau on consumer financial issues related to community banks and credit unions. The ARC advises the Bureau on its strategic research planning process and research agenda and provides feedback on research methodologies, data collection strategies, and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions.

“Consumers are confronting unprecedented challenges as a result of the COVID-19 pandemic with many of them experiencing a loss of income, reduced work hours, or caring for a family member. During the advisory committee meetings we will delve into the impact this pandemic is having on consumers and our work to ensure consumers are protected during this time,” said Consumer Financial Protection Bureau Director Kathleen L. Kraninger.

Members of the public interested in listening to the meeting must RSVP by noon, April 30, 2020 via this link: https://surveys.consumerfinance.gov/jfe/form/SV_9n9ID9YIWCehylL.

The meeting agenda can be found here: https://www.consumerfinance.gov/about-us/events/may-2020-joint-advisory-committees-meeting/

To learn more on how the public can protect their finances during the COVID-19 pandemic click here: https://www.consumerfinance.gov/coronavirus/.

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.