---
kind: "section"
citation: "12 U.S.C. § 5494"
title: "12"
title_heading: "Banks and Banking"
number: "5494"
heading: "Consumer Advisory Board"
release: "119-102"
url: "https://uscodex.org/usc/12/5494"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter V — Bureau of Consumer Financial Protection"
  - "Part A — Bureau of Consumer Financial Protection"
---

# §5494. Consumer Advisory Board

- (a) **Establishment required—** The [Director](/usc/12/2279bb.md?p=3) shall establish a [Consumer](/usc/12/5481.md?p=4) Advisory [Board](/usc/12/221a.md?p=a) to advise and consult with the [Bureau](/usc/12/5301.md?p=4) in the exercise of its functions under the [Federal consumer financial laws](/usc/12/5481.md?p=14), and to provide information on emerging practices in the [consumer](/usc/12/5481.md?p=4) financial products or services industry, [including](/usc/12/25b.md?p=a-3) regional trends, concerns, and other relevant information.
- (b) **Membership—** In appointing the [members](/usc/12/1426a.md?p=g-1) of the [Consumer](/usc/12/5481.md?p=4) Advisory [Board](/usc/12/221a.md?p=a), the [Director](/usc/12/2279bb.md?p=3) shall seek to assemble experts in [consumer](/usc/12/5481.md?p=4) protection, financial services, community development, [fair lending](/usc/12/5481.md?p=13) and civil rights, and [consumer](/usc/12/5481.md?p=4) financial products or services and representatives of [depository institutions](/usc/12/24a.md?p=g-2) that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced [mortgage](/usc/12/1707.md?p=a) loans, and seek representation of the interests of [covered persons](/usc/12/5481.md?p=6) and [consumers](/usc/12/5481.md?p=4), without regard to party affiliation. Not fewer than 6 [members](/usc/12/1426a.md?p=g-1) shall be appointed upon the recommendation of the regional Federal [Reserve Bank](/usc/12/221a.md?p=a) Presidents, on a rotating basis.
- (c) **Meetings—** The [Consumer](/usc/12/5481.md?p=4) Advisory [Board](/usc/12/221a.md?p=a) shall meet from time to time at the call of the [Director](/usc/12/2279bb.md?p=3), but, at a minimum, shall meet at least twice in each year.
- (d) **Compensation and travel expenses—** [Members](/usc/12/1426a.md?p=g-1) of the [Consumer](/usc/12/5481.md?p=4) Advisory [Board](/usc/12/221a.md?p=a) who are not full-time employees of the United States shall—
  - (1) be entitled to receive compensation at a rate fixed by the [Director](/usc/12/2279bb.md?p=3) while attending meetings of the [Consumer](/usc/12/5481.md?p=4) Advisory [Board](/usc/12/221a.md?p=a), [including](/usc/12/25b.md?p=a-3) travel time; and
  - (2) be allowed travel expenses, [including](/usc/12/25b.md?p=a-3) transportation and subsistence, while away from their homes or regular places of business.

## Source credit

(Pub. L. 111–203, title X, § 1014, July 21, 2010, 124 Stat. 1974.)