Justification for Change - Oct 2014

Consumer Financial Protection Bureau
Paperwork Reduction Act Change Request
Consumer Advisory Boards, Groups and Committees
OMB No. 3170-0037

Justification for Change
The Dodd-Frank Wall Street Reform and Consumer Protection Act mandated that the
CFPB establish a Consumer Advisory Board (CAB) in order to receive input on issues under the
CFPB’s purview such as the creation of regulation or enforcement of existing laws. In addition
to the CAB, the Bureau also established the Academic Research Council (ARC), the Community
Bank Advisory Council (CBAC), and the Credit Union Advisory Council (CBAC). In order to
populate these four groups with a wide array of expertise and diverse representation, the Bureau
asks that interested parties submit an application for review.
In 2013, the Bureau used the application form to gather candidate information and
received approximately 298 applications. The Bureau has reviewed the form and believes that a
number of changes, while relatively minor in nature, will assist in obtaining a more diverse
group of candidates as well as clarify certain questions on the form. The proposed changes are
outlined below (many of which are organizational in nature).
We estimate that the changes proposed below will not change the burden on candidates in
terms of time and effort required.

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Consumer Financial Protection Bureau
Paperwork Reduction Act Change Request
Consumer Advisory Boards, Groups and Committees
OMB No. 3170-0037

Proposed Changes
1) Removed “Academic Research Council” as a selection
Purpose: This Council will have its own separate application which will be submitted to
OMB under a separate clearance.

2) Removed “Part 1” Social Security Number
Purpose: Not required at this stage of the process

2) Added “Identify the statutory membership categories that are applicable to you” on page 1
Purpose: Clarification

3) Added Gender and Ethnicity (Page 1)
Purpose: This information will assist in obtaining a more diverse group of candidates

4) Added “Identify your area of expertise” (Page 1)
Purpose: This information will allow us to organize candidates in the proper categories
based on our Unified Agenda.
financial institution asset size, geographic locale, or credit union designation, will help
the Bureau create diverse representative advisory groups.

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