Bureau of Consumer Financial Protection Small Business Advisory Board Act

Bureau of Consumer Financial Protection Small Business Advisory Board Act - Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the Bureau in the exercise of the Bureau's functions under the federal consumer financial laws applicable to eligible financial products or services; and (2) provide information on emerging practices of small businesses that provide eligible financial products or services, including regional trends, concerns, and other relevant information.

Requires the Director to appoint at least 12 members to such Board.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4383 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4383

 To amend the Consumer Financial Protection Act of 2010 to establish a 
         Small Business Advisory Board, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 3, 2014

 Mr. Pittenger (for himself and Mr. Heck of Washington) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Consumer Financial Protection Act of 2010 to establish a 
         Small Business Advisory Board, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau of Consumer Financial 
Protection Small Business Advisory Board Act''.

SEC. 2. ESTABLISHMENT OF A SMALL BUSINESS ADVISORY BOARD WITHIN THE 
              BUREAU OF CONSUMER FINANCIAL PROTECTION.

    (a) In General.--The Consumer Financial Protection Act of 2010 is 
amended by inserting after section 1014 (12 U.S.C. 5494) the following 
new section:

``SEC. 1014A. SMALL BUSINESS ADVISORY BOARD.

    ``(a) Establishment.--The Director shall establish a Small Business 
Advisory Board--
            ``(1) to advise and consult with the Bureau in the exercise 
        of the Bureau's functions under the Federal consumer financial 
        laws applicable to eligible financial products or services; and
            ``(2) to provide information on emerging practices of small 
        business concerns that provide eligible financial products or 
        services, including regional trends, concerns, and other 
        relevant information.
    ``(b) Membership.--
            ``(1) Number.--The Director shall appoint no fewer than 12 
        members to the Small Business Advisory Board.
            ``(2) Qualification.--Members appointed pursuant to 
        paragraph (1) shall be representatives of small business 
        concerns that provide eligible financial products or services.
    ``(c) Meetings.--The Small Business Advisory Board--
            ``(1) shall meet from time to time at the call of the 
        Director; and
            ``(2) shall meet at least twice each year.
    ``(d) Compensation and Travel Expenses.--Members of the Small 
Business Advisory Board who are not full-time employees of the United 
States shall--
            ``(1) be entitled to receive compensation at a rate fixed 
        by the Director while attending meetings of the Small Business 
        Advisory Board, including travel time; and
            ``(2) be allowed travel expenses, including transportation 
        and subsistence, while away from their homes or regular places 
        of business.
    ``(e) Definitions.--In this section--
            ``(1) the term `eligible financial product or service' 
        means a financial product or service that is offered or 
        provided for use by consumers primarily for personal, family, 
        or household purposes as described in clause (i), (iii), (v), 
        (vi), or (ix) of section 1002(15)(A); and
            ``(2) the term `small business concern' has the meaning 
        given such term in section 3 of the Small Business Act (15 
        U.S.C. 632).''.
    (b) Table of Contents Amendment.--The table of contents of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 
5301 et seq.) is amended by inserting after the item related to section 
1014 the following new item:

``Sec. 1014A. Small Business Advisory Board.''.
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