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CFPB Report: 2016-MO-C-016 November 30, 2016

The CFPB's Advisory Committees Help Inform Agency Activities, but Advisory Committees' Administration Should Be Enhanced

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The CFPB receives advice from committees on consumer financial products and services, including fair lending and consumer protection.

These advisory committees are generally effective, but the CFPB should improve how it administers their activities—for example, by consistently retaining committee members' application information, such as financial disclosures, and determining how best to identify potential conflicts of interest of certain members. The agency also should formally monitor the committees' effectiveness.

Our report makes recommendations to address these findings.