text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Bureau of Consumer Financial 
  Protection Advisory Board Enhancement Act''.
  
  SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS 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:
  
  ``SEC. 1014A. ADVISORY BOARDS.
  
      ``(a) 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);
              ``(2) the term `rural area' has the meaning given the term 
          in section 1393(a)(2) of the Internal Revenue Code of 1986; and
              ``(3) the terms `small business concern', `small business 
          concern owned and controlled by veterans', and `small business 
          concern owned and controlled by women' have the meanings given 
          those terms in section 3 of the Small Business Act (15 U.S.C. 
          632).
      ``(b) Small Business Advisory Board.--
              ``(1) Establishment.--The Director shall establish a Small 
          Business Advisory Board--
                      ``(A) to advise and consult with the Bureau in the 
                  exercise of the functions of the Bureau under the 
                  Federal consumer financial laws applicable to eligible 
                  financial products or services; and
                      ``(B) to provide information on emerging practices 
                  of small business concerns that provide eligible 
                  financial products or services, including regional 
                  trends, the effect that decisions by the Bureau have on 
                  rural areas, concerns, and other relevant information.
              ``(2) Membership.--
                      ``(A) Number.--The Director shall appoint not less 
                  than 15 and not more than 20 members to the Small 
                  Business Advisory Board.
                      ``(B) Qualification.--Members appointed under 
                  subparagraph (A) shall be representatives of small 
                  business concerns that--
                              ``(i) provide eligible financial products 
                          or services; and
                              ``(ii) are service providers to covered 
                          persons.
                      ``(C) Additional considerations.--In appointing 
                  members under subparagraph (A), the Director shall--
                              ``(i) include members representing small 
                          business concerns owned and controlled by 
                          veterans, small business concerns owned and 
                          controlled by women, and minority-owned small 
                          business concerns, and the interests of those 
                          concerns, without regard to party affiliation; 
                          and
                              ``(ii) require an adequate representation 
                          of members that own small business concerns for 
                          which the principal place of business is in a 
                          rural or underserved area.
              ``(3) Meetings.--The Small Business Advisory Board--
                      ``(A) shall meet from time to time at the call of 
                  the Director; and
                      ``(B) shall meet not less than twice each year.
      ``(c) Credit Union Advisory Council.--
              ``(1) Establishment.--The Director shall establish a Credit 
          Union Advisory Council to advise and consult with the Bureau on 
          consumer financial products or services that impact credit 
          unions.
              ``(2) Membership.--
                      ``(A) Number.--The Director shall appoint not less 
                  than 15 and not more than 20 members to the Credit 
                  Union Advisory Council.
                      ``(B) Considerations.--In appointing members under 
                  subparagraph (A), the Director shall--
                              ``(i) include members representing credit 
                          unions predominantly serving traditionally 
                          underserved communities and populations and 
                          their interests, without regard to party 
                          affiliation; and
                              ``(ii) require an adequate representation 
                          of members that represent credit unions that 
                          are headquartered in a rural or underserved 
                          area.
              ``(3) Meetings.--The Credit Union Advisory Council--
                      ``(A) shall meet from time to time at the call of 
                  the Director; and
                      ``(B) shall meet not less than twice each year.
      ``(d) Community Bank Advisory Council.--
              ``(1) Establishment.--The Director shall establish a 
          Community Bank Advisory Council to advise and consult with the 
          Bureau on consumer financial products or services that impact 
          community banks.
              ``(2) Membership.--
                      ``(A) Number.--The Director shall appoint not less 
                  than 15 and not more than 20 members to the Community 
                  Bank Advisory Council.
                      ``(B) Considerations.--In appointing members under 
                  subparagraph (A), the Director shall--
                              ``(i) include members representing 
                          community banks predominantly serving 
                          traditionally underserved communities and 
                          populations and their interests, without regard 
                          to party affiliation; and
                              ``(ii) require an adequate representation 
                          of members that represent community banks that 
                          are headquartered in a rural or underserved 
                          area.
              ``(3) Meetings.--The Community Bank Advisory Council--
                      ``(A) shall meet from time to time at the call of 
                  the Director; and
                      ``(B) shall meet not less than twice each year.
      ``(e) Compensation and Travel Expenses.--Members of the Small 
  Business Advisory Board, the Credit Union Advisory Council, or the 
  Community Bank Advisory Council, as established under subsections (b), 
  (c), and (d), respectively, 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, the Credit Union Advisory Council, or the 
          Community Bank Advisory Council, including travel time; and
              ``(2) be allowed travel expenses, including transportation 
          and subsistence, while away from their homes or regular places 
          of business.''.
      (b) Table of Contents Amendment.--The table of contents in section 
  1 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 relating to 
  section 1014 the following:
  
  ``Sec. 1014A. Advisory Boards.''.
target: Bureau of Consumer Financial Protection Advisory Board Enhancement Act  This bill amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to establish: (1) a Small Business Advisory Board to advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding financial products or services provided for use by consumers primarily for personal, family, or household purposes and to provide information on emerging practices of small businesses that provide such products or services; and (2) a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.  
feat_title: Bureau of Consumer Financial Protection Advisory Board Enhancement Act