June 1 -- The Dodd-Frank Wall Street Reform and Consumer Protection Act (Consumer Financial Protection Act) section 1014 requires the Director of the Consumer Financial Protection Bureau (CFPB) to 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. Pursuant to the executive and administrative powers conferred on the CFPB by section 1012 of the Consumer Financial Protection Act, the Director of the Consumer Financial Protection Bureau established the discretionary committees, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council under agency authority in accordance with the provisions of the Federal Advisory Committee Act, as amended. This notice advises individuals who wish to serve as a member of the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, or Academic Research Council, of the opportunity to be considered for those advisory committees. The CFPB expects to announce the selection of new members later this year.
Completed applications received between 12:00 a.m. EDT on Monday, July 3, 2023, and 11:59 p.m. EDT on Sunday, July 16, 2023, will be considered for membership on the committees.
The Academic Research Council advises us on our strategic research planning process and research agenda, including views on the research that the Bureau should conduct relating to consumer financial products or services, consumer behavior, cost-benefit analysis, or other topics to enable the agency to further its statutory purposes and objectives. Members also provide the Office of Research with technical advice and feedback on research methodologies, data collection strategies, and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions.
Per section 12 of the Academic Research Council's charter, members are social science experts and academics with diverse points of view, such as experienced economists with a strong research and publishing or practitioner background, and a record of involvement in research and public policy, including public or academic service. Additionally, members should be prominent experts who are recognized for their professional achievements and rigorous empirical and theoretical analysis including those specializing in household finance, finance, financial education, labor economics, industrial organization, public economics, social work, psychology, and law and economics; and experts from related social sciences related to the CFPB's mission. In particular, the Director will seek to identify academics with strong methodological and technical expertise in structural or reduced form econometrics, modeling of consumer decision-making, survey and randomized controlled trial methods, cost-benefit analysis, welfare economics and program evaluation, or marketing.
CFPB Academic Research Council: https://www.consumerfinance.gov/rules-policy/advisory-committees/academic-research-council/
In FACA database: https://www.facadatabase.gov/FACA/s/FACACommittee/a10t0000001gzkMAAQ/com000066