The CFPB has published a notice announcing that it is seeking to fill two vacancies on its Academic Research Council. The Council is an advisory body that provides the CFPB’s Office of Research with advice and feedback on its research work.
The notice indicates that the CFPB is looking for “tenured academics, with a world class research and publishing background, and a record of public or academic service.” More specifically, the CFPB wants academics who are “prominent experts who are recognized for their professional achievements and objectivity in economics, statistics, psychology or behavioral science. In particular, academics with strong methodological and technical expertise in structural or reduced form econometrics, modeling of consumer decision-making, behavioral economics, experimental economics, program evaluation, psychology, and financial choice.”
The Council has no more than eight members. There are currently six Council members and the CFPB would like to fill two additional Council seats in 2014. The CFPB will consider complete application packets that it receives on or before February 11, 2014.
Based on the summaries posted on the CFPB’s website, the Council has only met twice since its creation. An inaugural meeting was held in July 2012 and a second meeting was held in December 2012 that focused on small dollar lending and current standard approaches to disclosure development and testing.
According to the notice, the CFPB expects to announce the new members this March. We have previously voiced concerns about the lack of transparency surrounding the Council’s creation and the CFPB’s decision not to seek public input on the initial Council appointments. Unfortunately, it appears that the CFPB intends to continue making Council appointments without public input.