On September 18, 2015, the CFPB announced that it was appointing new members to the Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council. These three bodies advise CFPB leadership on consumer financial issues and emerging market trends. However, these advisory groups can only provide nonbinding recommendations and cannot make determinations of fact or policy.
According to CFPB Director Richard Cordray, “These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace.” Indeed, according to the CFPB, the new members “include experts in consumer protection, financial services, community development, fair lending, civil rights, and consumer financial products or services, as well as representatives of community banks and credit unions.”
New Consumer Advisory Board members will serve three-year terms. New Community Bank Advisory Council members and new Credit Union Advisory Council members will serve two-year terms.
Consumer Advisory Board
The Consumer Advisory Board provides the CFPB with “information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information.” The CFPB provides the funding and administrative support to operate this board, as well as the Community Bank and Credit Union advisory councils. This board has annual operating costs estimated at $500,000 per year and must meet at least two times per year.
The new members on the Consumer Advisory Board include the following:
- 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.
- 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 and 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
The Community Bank Advisory Council is intended to establish “an interactive dialogue and exchange of ideas and experiences between community bankers and Bureau staff.” The Advisory Council has annual operating costs estimated at $300,000 per year and must meet at least twice a year.
The new members on the Community Bank Advisory Council include the following individuals:
- 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
Similar to the Community Bank Advisory Council, the Credit Union Advisory Council is intended to establish dialogue between credit union employees and CFPB staff. The Credit Union Advisory Council also has annual operating costs estimated at $300,000 per year with a minimum of two yearly meetings.
The new members on the Credit Union Advisory Council include the following:
- 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 and 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.
We will continue to monitor the new advisory group appointees and report on developments.