|June 10, 2014|
Previously published on June 4, 2014
Bowing to industry and political pressure for greater transparency, the CFPB announced on May 20th that it will open fully to the public the meetings of its Consumer Advisory Board, its Community Bank Advisory Council, its Credit Union Advisory Council, and its Academic Research Council, starting with its upcoming Consumer Advisory Board meeting to be held on June 18th.
The CFPB took the position previously that it was not subject to the Federal Advisory Committee Act (FACA), which normally requires federal agencies to open to the public the meetings of their advisory committees. On the basis of this position, the CFPB had closed portions of its meetings with the Consumer Advisory Board. That decision generated strong criticism from industry groups.
It is not clear whether the CFPB’s decision to open the meetings of these groups fully represents a change of position on the applicability of FACA or is merely a discretionary act.