Title 12 — Banks and BankingRelease 119-73not60

§5494 Consumer Advisory Board

Title 12 › Chapter 53— WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter V— BUREAU OF CONSUMER FINANCIAL PROTECTION › Part A— Bureau of Consumer Financial Protection › § 5494

Last updated Apr 3, 2026|Official source

Summary

The Director must set up a Consumer Advisory Board to advise the Bureau on federal consumer finance rules and to report on new industry practices and regional trends and concerns. The Director must pick experts in consumer protection, finance, community development, fair lending and civil rights, plus representatives of banks serving underserved communities and of places hurt by higher-priced mortgages. At least 6 members must come from regional Federal Reserve Bank presidents’ recommendations on a rotating basis. The board must meet when the Director calls it, but at least twice a year. Members who are not full-time federal employees must be paid a rate the Director sets for attending meetings (including travel time) and must be reimbursed for travel and subsistence.

Full Legal Text

Title 12, §5494

Banks and Banking — Source: USLM XML via OLRC

(a)The Director shall establish a Consumer Advisory Board to advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws, and to provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.

(b)In appointing the members of the Consumer Advisory Board, the Director shall seek to assemble experts in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans, and seek representation of the interests of covered persons and consumers, without regard to party affiliation. Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis.

(c)The Consumer Advisory Board shall meet from time to time at the call of the Director, but, at a minimum, shall meet at least twice in each year.

(d)Members of the Consumer Advisory Board who are not full-time employees of the United States shall—

(1)be entitled to receive compensation at a rate fixed by the Director while attending meetings of the Consumer Advisory Board, including travel time; and

(2)be allowed travel expenses, including transportation and subsistence, while away from their homes or regular places of business.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5494

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60