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Bureau of Consumer Financial Protection Advisory Committees Meet to Discuss Emerging Trends in Financial Services Technology

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) meets Thursday with its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council, committees of experts who advise Bureau leadership on a wide range of consumer financial issues and emerging market trends. This joint meeting is the second such gathering this year since the appointment of the committees’ members, and will address two key issues in financial technology.

The meeting, conducted via conference call, will take place from 1–3:45 p.m. ET on Thursday, Dec. 6, 2018, and is open to the public to listen in to the discussion. The call includes welcoming remarks by the Bureau’s Acting Director Mick Mulvaney and will focus on two important policy topics related to financial services technology. These are:

  • Emerging Issues in Artificial Intelligence in Consumer Financial Services
  • Consumer Access to Financial Records

While the meeting is taking place, the public can listen in to the meeting by dialing (800) 475-8413. The participant code is 1041778. More information about the meeting can be found on the Bureau’s events page.

The Consumer Advisory Board 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. The Bureau also created a Community Bank Advisory Council and a Credit Union Advisory Council. The Community Bank Advisory Council and Credit Union Advisory Council advise and consult with the Bureau on consumer financial issues related to community banks and credit unions.

In March 2018, the Bureau issued a notice in the outlining the responsibilities of the advisory committees, as well as the duties of their members, and solicited applications for appointment. The newly-appointed members include experts in consumer protection, financial services, FinTech, community development, fair lending, civil rights, and consumer financial products and services as well as representatives of community banks and credit unions. They are charged with identifying and assessing the impact of emerging products, practices, or services on consumers and other market participants. Members of the Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council serve a one-year term.

More information on the Bureau’s advisory committees can be found here: http://miss-april.info/about-us/advisory-committees

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The Bureau of Consumer Financial Protection 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.