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Smaller Isn't Better For CFPB Advisory Board, Advocates Say

Law360 (September 10, 2018, 9:42 PM EDT) -- The Consumer Financial Protection Bureau has unveiled its reconstituted Consumer Advisory Board after dissolving the panel earlier this year, but consumer advocates say the board's smaller, leaner structure leaves gaps in representation that could undermine its effectiveness.

The CFPB announced on Friday the new nine-member roster of the CAB, a statutorily required body whose 25 former members were let go in a controversial June move that consumer advocates and their allies blasted as a thinly veiled purge.

CFPB acting Director Mick Mulvaney has defended the reboot as an attempt to increase the quality of the outside input that the agency receives....

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