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CFPB / RegulatoryPolitics & Money

CFPB announces new members for advisory committees

Director Kraninger makes a series of enhancements

Today Consumer Financial Protection Bureau Director Kathy Kraninger announced the appointment of new members to the bureau’s advisory committees.

The appointments include new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council and Academic Research Council. The experts advise the CFPB leadership on a range of consumer financial issues and emerging market trends.

“The Bureau is able to protect consumers in the financial marketplace better when it receives input from a wide range of experts and stakeholders,” Kraninger said. “With the enhancements we made earlier this year to the structure of the advisory committee program, I am confident that these groups will be able to hit the ground running in their efforts to provide meaningful feedback on bureau policy and regulations. I look forward to working with them.”

Earlier this year, Kraninger announced several changes to the bureau’s advisory committee charters, such as expanding the focus of the meetings to cover broad policy matters and increasing the frequency of in-person meetings from two times a year to three times a year for the CAB, CBAC and CUAC. Other enhancements include elevating the ARC to a director-level advisory committee, increasing its meeting frequency and increasing term lengths from one year to two years.

Before Kraninger took the helm, former CFPB Acting Director Mick Mulvaney dismantled the Consumer Advisory Board and two other committees that advise the agency on policy and economic and financial issues in June to the dismay of several consumer advocacy groups. He populated new boards with hand-picked members, and reduced their tenure from three years to one. He also took the Consumer Advisory Board down from 25 members to nine.

Kraninger, apparently, did not agree, reversing his actions to the delight of consumer groups who feared that Mulvaney’s changes reduced the diversity and depth of perspective board members could offer the bureau.

The CAB is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise and consult with the Bureau’s Director on a variety of consumer financial issues. The Bureau also created three additional discretionary councils: the CBAC, CUAC and ARC.

The CBAC and CUAC advise and consult with the Bureau on consumer financial issues related to community banks and credit unions.  The ARC advises the Bureau on its strategic research planning process and research agenda and provides feedback on research methodologies, data collection strategies and methods of analysis, including methodologies and strategies for quantifying the costs and benefits of regulatory actions.

Here are the lists of new members who will serve on each committee:

Consumer Advisory Board

  • Chair of the CAB – Brent Neiser, National Endowment for Financial Education senior director
  • Nikitra Bailey, Center for Responsible Lending executive vice president
  • Nadine Cohen, Greater Boston Legal Services managing attorney
  • Sameh Elamawy, Scratch Services CEO
  • Manning Field, Acorns chief operating officer
  • Clint Gwin, Pathway Lending president and CEO
  • Ronald Johnson, Clark Atlanta University former president
  • Tim Lampkin, Higher Purpose CEO
  • Eric Kaplan, Milken Institute director of housing finance program
  • Sophie Raseman, Brightside director of product
  • Rebecca Steele, National Foundation for Credit Counseling president and CEO
  • Tim Welsh, U.S. Bank vice chairman of consumer and business banking

Community Bank Advisory Council

  • Chair of the CBAC – Aubrey Hulings, The Farmers National Bank of Emlenton vice president and operations manager
  • Erik Beguin, Austin Capital Bank founder, president and CEO
  • Maureen Busch, The Bank of Tampa vice president of compliance and CRA officer
  • Patrick Ervin, Independent Bank executive vice president
  • Shan Hayes, Heartland Tri-State Bank president and CEO
  • Bruce Ocko, Bangor Savings Bank senior vice president and director of mortgage and consumer lending
  • Valerie Quiett, Mechanics and Farmers Bank senior vice president and chief legal officer
  • Heidi Sexton, Sound Community Bank executive vice president, chief compliance and risk officer

Credit Union Advisory Council

  • Chair of the CUAC – Sean Cahill, TrueSky Credit Union president and CEO
  • Arlene Babwah, Coastal Federal Credit Union vice president of risk management
  • Teresa Campbell, San Diego County Credit Union president and CEO
  • Rick Durante, Franklin Mint Federal Credit Union vice president and director of corporate social responsibility and government affairs
  • Doe Gregersen, Landmark Credit Union vice president and general counsel
  • Brian Holst, Elevations Credit Union general counsel
  • Racardo McLaughlin, TwinStar Credit Union vice president of mortgage originations and operations
  • Rick Schmidt, WestStar Credit Union president and CEO

Academic Research Council

  • Michael Baye, Indiana University Bert Elwert professor of business economics
  • Karen Dynan, Harvard University professor of the practice of economics
  • Terri Friedline, University of Michigan associate professor
  • John Lynch, University of Colorado Boulder director of the Center for Research on Consumer Financial Decision Making and senior associate dean for faculty and research
  • Brigitte Madrian, Brigham Young University dean and Marriott distinguished professor
  • Tom Miller, Mississippi State University professor of finance and Jack R. Lee chair
  • Joshua Wright, George Mason University professor at Scalia Law School

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