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Friday, March 21, 2014

Hensarling Calls on CFPB to Open Advisory Council Meetings

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Monday called on the Consumer Financial Protection Bureau to open its advisory council meetings to the public. "Instead of operating behind closed doors, it’s time for the CFPB to live up to its oft-stated commitment to transparency and openness," he said.

The CFPB has four advisory councils -- for community banks, credit unions, consumer interests and academic research -- on which academics, consumer group representatives and industry participants serve. CFPB Director Richard Cordray has previously said that the 1972 Federal Advisory Committee Act does not apply to the bureau, and he has defended the bureau's decision to keep the council meetings closed so that "we can speak candidly about matters that are not yet public that the Bureau is working on, including things like enforcement actions and the like."

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