WASHINGTON–Three advisory panels to the Bureau of Consumer Financial Protection, including one representing credit unions, have been pared down.
The Bureau said the panels, created as part of the Dodd-Frank Act that also created the BCFP, will now have six members each, according to the Bureau.
The three panels are the Credit Union Advisory Council (which once had 17 members), the Community Bank Advisory Council (which once had 19 members) and the Bank Advisory Council (which once had 25 members). The panels are all made up of volunteers who are charged with providing input to the Bureau on its decision-making.
The BCFP had announced earlier that it planned to reconstitute the advisory panels and said it will “use the current 2018 application and selection process to reconstitute the current advisory groups with new, smaller memberships. By both right-sizing its advisory councils and ramping up outreach to external groups, the Bureau will enhance its ability to hear from consumer, civil rights, and industry groups on a more regular basis.”
The Bureau has not released a timeline of when the members of the panels will be released.
The CAB is required by law to have at least six members who are recommended by the regional Federal Reserve Bank presidents on a rotating basis. Requirements for the other panels include only that members represent credit unions and community banks, respectively.