§5494 Consumer Advisory Board

Summary

The Director must create a Consumer Advisory Board to advise the Bureau about consumer finance rules and to report on new industry practices and regional trends. The Director must pick experts in areas like consumer protection, banking, community development, fair lending and civil rights, and include reps from banks serving underserved communities, from places hit hard by higher‑priced mortgages, and from both consumers and businesses the Bureau regulates, regardless of political party. At least 6 members must come from recommendations by regional Federal Reserve Bank Presidents on a rotating basis. The Board meets when the Director calls it, but at least twice each year. Members who are not full‑time federal employees may be paid an amount the Director sets for meeting and travel time, and can be reimbursed for travel costs like transportation, meals, and lodging when they are away from home or work.