This advisory group provides us with information about emerging trends and practices in the consumer financial marketplace. Apply today to become a member.
Good morning. I would like to thank the Tampa community for hosting us so graciously and all of you for being here today. Since we established the Consumer Advisory Board (or CAB) five years ago, we have made sure that its membership spans the nation. We also make it a point to travel outside Washington, D.C. to learn more about consumers in different parts of the country. Yesterday we learned about this city’s history and visited a retirement community to hear more about the particular challenges facing constituencies such as older Americans.
Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.
Welcome to this meeting of the Consumer Advisory Board. Once again, I thank our members for sharing your expertise and perspectives on the concerns of consumers and the issues we face at the Consumer Financial Protection Bureau.
Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.
We’re accepting applications for membership on all of our advisory groups. We’re inviting applications from individuals who can provide us with guidance as we carry out our work.
Today, I want to talk to you about some of the issues people encounter when they are paying back debts. Specifically, I want to discuss the debt collection market and the student loan servicing market. Both are markets where consumers cannot vote with their feet, and where incentives and practices are not always aligned with consumer interests.
Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The four bodies provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau to the Consumer Advisory Board
Welcome to this meeting of our Consumer Advisory Board. It is a pleasure to be here in Little Rock today, and I look forward to our conversation. The feedback we receive from the members of this distinguished group invariably refines our thinking and our approach. It sheds new light on issues and helps us achieve better solutions for consumers. No doubt that will be true today.
Join the CFPB’s Consumer Advisory Board for a meeting with Director Cordray where we will discuss an auto lending education initiative, trends and themes, and payday lending.