On September 18, the Consumer Financial Protection Bureau announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.
“These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace,” said CFPB Director Richard Cordray. “The new additions we are announcing today bring a range of expertise and experience that will help inform our work going forward.” Of interest to debt buyers and debt collectors is that no new members from the industry were added to the Consumer Advisory Board (CAB). However, representatives from NerdWallet and Affirm were appointed, which may indicate a shifting focus on technology and how consumers interact with potential lenders in the 21st century.
As we previously discussed, the CFPB has created four advisory groups made up of external experts, industry representatives, consumers, community leaders, and advocates. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a CAB to advise and consult with the CFPB’s Director on a variety of consumer financial issues. At the behest of Cordray, the CFPB also created advisory councils to advise and consult with the Bureau on consumer financial issues related to community banks and credit unions.
In January 2015, the CFPB issued a Federal Register Notice outlining the responsibilities of the advisory board and councils, as well as the duties of its members, and solicited applications for appointment. The CAB’s mission is to identify and assess the impact of emerging products, practices, or services on consumers and other market participants, and membership lasts for three years. Appointments to the Community Bank Advisory Council and Credit Union Advisory Council are for two years; these groups meet various times per year and provide the CFPB with input on banks and credit unions with less than $10 billion in assets.
The following are the new appointments to these advisory groups:
Consumer Advisory Board Members:
- Seema M. Agnani – Director of Policy and Civic Engagement, National Coalition for Asian Pacific American Community Development, Washington, D.C.
- Sylvia A. Alvarez – Executive Director, Housing & Education Alliance, Tampa, Fla.
- Tim Chen – Chief Executive Officer, NerdWallet, San Francisco, Calif.
- Kathleen C. Engel – Research Professor, Suffolk University Law School, Boston, Mass.
- Judith L. Fox – Clinical Professor of Law, University of Notre Dame, Notre Dame, Ind.
- Neil F. Hall – Executive Vice President, PNC Financial Services Group, Pittsburgh, Pa.
- Dr. Raul A. Hinojosa-Ojeda – Associate Professor, University of California Los Angeles Division of Social Sciences, Los Angeles, Calif.
- Brian D. Hughes – Senior Vice President of Card Marketing, Discover Financial Services, Deerfield, Ill.
- Christopher G. Kukla – Senior Vice President, Center for Responsible Lending, Durham, N.C.
- Max R. Levchin – Co-Founder & Chief Executive Officer, Affirm, San Francisco, Calif.
- Phaedra B. Robinson – Executive Director, Coalition for a Prosperous Mississippi, Richland, Miss.
- Joshua Zinner – Co-Director, New Economy Project, New York, N.Y.
Community Bank Advisory Council Members:
- Jonathan T. Allen – Chief Compliance Officer, Bank of American Fork, American Fork, Utah
- Kathleen J. Cook – President and Chief Executive Officer, The Village Bank, Saint Libory, Ill.
- Julia R. DeBery – Senior Vice President, Internal Audit and Risk Management, Bath Savings Institution, Bath, Maine
- Jack E. Hopkins – President and Chief Executive Officer, CorTrust Bank, Sioux Falls, S.D.
- Ricardo “Ricky” D. Leal – Community Lender and Senior Vice President, First Community Bank, N.A., Harlingen, Texas
- Cara L. Quick – Vice President of Compliance, First Hope Bank, N.A., Hope, N.J.
- Thomas E. Spitz – Chief Executive Officer, Settlers Bank, Windsor, Wis.
- Yee Phong (Alan) Thian – President and Chief Executive Officer, Royal Business Bank, Arcadia, Calif.
- Samuel Vallandingham – President and Chief Executive Officer, First State Bank, Barboursville, W.Va.
Credit Union Advisory Council Members:
- Gail L. DeBoer – President and Chief Executive Officer, SAC Federal Credit Union, Papillion, Neb.
- Robert C. Donley – Executive Vice President, Members Credit Union, Winston-Salem, N.C.
- Gregory W. Higgins – Senior Vice President, General Counsel, Wings Financial Credit Union, Saint Paul, Minn.
- Maria A. LaVelle – Chief Executive Officer, Westmoreland Community Federal Credit Union, Greensburg, Pa.
- Carrie L. O’Connor – Senior Vice President, Lending and Operations, Community America Credit Union, Shawnee Mission, Kan.
- Thomas J. O’Shea – President and Chief Executive Officer, Aspire Federal Credit Union, Clark, N.J.
- Katey Proefke – Assistant Vice President of Compliance, Chevron Federal Credit Union, Oakland, Calif.
- James E. Spradlin – President and Chief Executive Officer, Park Community Credit Union, Louisville, Ky.