CFPB Announces New Appointments to Consumer Advisory Board; No ARM Industry Representation

Last Friday the Consumer Financial Protection Bureau (CFPB) announced new appointments to its Consumer Advisory Board (CAB), as well as its other advisory Councils.

The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to advise and consult with the Bureau’s Director on a variety of consumer financial issues. At the behest of the Director, the Bureau also created a Community Bank Advisory Council, a Credit Union Advisory Council and an Academic Research Council. The Community Bank and Credit Union Advisory Councils advise and consult with the Bureau on consumer financial issues related to community banks and credit unions. The Academic Research Council shares insight relating to research methodologies, data collection, and analytic strategies. In January 2016, the CFPB issued a Federal Register Notice outlining the responsibilities of the advisory groups, as well as the duties of its members, and solicited applications for appointment.

The following individuals will begin three-year terms on the CAB:

• Lynn Drysdale, Managing Attorney, Consumer Law Unit, Jacksonville Area Legal Aid, Inc., Jacksonville, Fla.
• Paulina Gonzalez, Executive Director, California Reinvestment Coalition, San Francisco, Calif.
• William Howle, Head of U.S. Retail Bank, Citibank, New York, N.Y.
• Ruhi Maker, Senior Attorney, Empire Justice Center, Rochester, N.Y.
• Arjan Schutte, Founder and Managing Partner, Core Innovation Capital, Los Angeles, Calif.
• Lisa Servon, Professor, The New School, New York University, New York, N.Y.
• Raul Vazquez, Chief Executive Officer, Oportun, Redwood City, Calif.
• James M. Wehmann, Executive Vice President, Scores for Fair Isaac Corporation (FICO), Roseville, Minn.
• Chi Chi Wu, Staff Attorney, National Consumer Law Center, Boston, Mass.

The majority of individuals on the 27-member CAB are consumer advocates, professors, or research professionals. There is some industry representation, including these individuals:

• Steve Carlson, co-founder and CEO of Ascend Consumer Finance
• Tim Chen, CEO of NerdWallet
• Neil F. Hall, executive vice president and head of PNC’s Retail Banking
• Brian D. Hughes, senior vice president and general manager of deposits for Discover Financial Services
• Max Levchin, founder and CEO of Affirm
• Joann Needleman, partner at Clark Hill PLC and leader of Clark Hill’s Consumer Financial Services Regulatory & Compliance group [Joann is the sole member of the CAB who comes from the ARM industry]
• J. Patrick O’Shaughnessy, president & CEO of Advance America, Inc.
• James Van Dyke, ceo and founder of Futurion.digital

You can read more about the CFPB’s advisory groups here on their website.