A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck.
H.R. 4383, entitled the “Bureau of Consumer Financial Protection Small Business Advisory Board Act,” would establish a board comprised of at least 12 members who are “representatives of small business concerns that provide eligible financial products or services.” The board would be required to meet at least twice yearly.
The CFPB currently has four advisory groups: the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council, and the Consumer Advisory Board. The CFPB’s closed-door meeting policy for the advisory groups has been the subject of criticism by us and others.