WASHINGTON (6/9/15)--At a June 18 meeting in Nebraska, the Consumer Financial Protection Bureaus' Consumer Advisory Board (CAB) is scheduled to discuss the bureau's pending proposals addressing payday lending, auto-title loans, and other longer term credit products. The panel is also expected to review trends and themes in consumer financial markets.
CUNA will be monitoring the meeting.
The CAB is a group of industry and advocacy group representatives who discuss topics such as consumer protection, community development, fair lending and underserved communities. The board informs the bureau of emerging practices and trends in the consumer finance industry.
The board must have at least 16 members, and currently has 31 members. It is chaired by Bill Bynum, CEO, Hope FCU, Jackson, Miss.
The meeting is open to the public and is scheduled from 10 a.m. to 4 p.m. (CT). Registration is required to attend. The session will be held at CenturyLink Center Omaha in Omaha. A recording will be available after the event.
The open nature of the CAB meeting is voluntary by the CFPB, which maintains the right to close the meetings and has specified the conditions under which they are likely to do so--ranging from lack of meeting space to the discussion of a matter the bureau determines requires confidentiality.
CUNA supports legislation, passed 402-1 in the House and pending committee action in the Senate, that would make it a legal requirement that CFPB advisory board meetings remain open to the public.