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H. Rept. 114-55 1 (2015-04-06)

handle is hein.congrecreports/crptxrnr0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-55 BUREAU OF CONSUMER FINANCIAL PROTECTION ADVISORY BOARDS ACT APRIL 6, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 1195] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1195) to amend the Consumer Financial Protection Act of 2010 to establish advisory boards, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 1195, the Bureau of Consumer Financial Protection Advi- sory Boards Act, would create a Small Business Advisory Board at the Bureau of Consumer Financial Protection (CFPB). The bill would also codify two other advisory committees created by the CFPB, the Credit Union Advisory Council and the Community Bank Advisory Council. Each board or council advises the CFPB re- garding concerns of its established membership. The Director of the CFPB is required to appoint at least 15, but no more than 20, members to each board or council. BACKGROUND AND NEED FOR LEGISLATION Section 1014 of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act (P.L. 111-203) establishes a Consumer Advi- sory Board to advise and consult with the CFPB in the exercise of its functions under the Federal consumer financial laws and to pro- vide information on emerging practices in the consumer financial products or services industry. The CFPB has created three addi- tional advisory committees: the Credit Union Advisory Council, the 49-006

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