,,ii #aadth ,,congress #ast ,session ,s4 #aifc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #e1 #bjae,mr4 ,rounds 7for himself and ,mr4 ,king7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,consumer ,financial ,protection ,act of #bjaj to establish advisory boards1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,bureau of ,consumer ,financial ,protection ,advisory ,board ,enhancement ,act4 #b4 ,establishment of advisory boards within the ,bureau of ,consumer ,financial ,protection 7a7 ,in general ,the ,consumer ,financial ,protection ,act of #bjaj is amended by inserting after section #ajad 7#ab ,u4,s4,c4 #edid7 the following3 #ajad;,a4 ,advisory ,boards 7a7 ,definitions ,in this section-- 7#a7 the term eligible financial product or service means a financial product or service that is offered or provided for use by consumers primarily for personal1 family1 or household purposes as described in clause 7i71 7iii71 7v71 7vi71 or 7ix7 of section #ajjb7ae77;,a72 7#b7 the term rural area has the meaning given the term in section #acic7;a77#b7 of the ,internal ,revenue ,code of #aihf2 and 7#c7 the terms small business concern1 small business concern owned and controlled by veterans1 and small business concern owned and controlled by women have the meanings given those terms in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7b7 ,small ,business ,advisory ,board 7#a7 ,establishment ,the ,director shall establish a ,small ,business ,advisory ,board-- 7,a7 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 services2 and 7,b7 to provide information on emerging practices of small business concerns that provide eligible financial products or services1 including regional trends1 the effect that decisions by the ,bureau have on rural areas1 concerns1 and other relevant information4 7#b7 ,membership 7,a7 ,number ,the ,director shall appoint not less than #ae and not more than #bj members to the ,small ,business ,advisory ,board4 7,b7 ,qualification ,members appointed under subparagraph 7,a7 shall be representatives of small business concerns that-- 7i7 provide eligible financial products or services2 and 7ii7 are service providers to covered persons4 7,c7 ,additional considerations ,in appointing members under subparagraph 7,a71 the ,director shall-- 7i7 include members representing small business concerns owned and controlled by veterans1 small business concerns owned and controlled by women1 and minority-owned small business concerns1 and the interests of those concerns1 without regard to party affiliation2 and 7ii7 require an adequate representation of members that own small business concerns for which the principal place of business is in a rural or underserved area4 7#c7 ,meetings ,the ,small ,business ,advisory ,board-- 7,a7 shall meet from time to time at the call of the ,director2 and 7,b7 shall meet not less than twice each year4 7c7 ,credit ,union ,advisory ,council 7#a7 ,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 unions4 7#b7 ,membership 7,a7 ,number ,the ,director shall appoint not less than #ae and not more than #bj members to the ,credit ,union ,advisory ,council4 7,b7 ,considerations ,in appointing members under subparagraph 7,a71 the ,director shall-- 7i7 include members representing credit unions predominantly serving traditionally underserved communities and populations and their interests1 without regard to party affiliation2 and 7ii7 require an adequate representation of members that represent credit unions that are headquartered in a rural or underserved area4 7#c7 ,meetings ,the ,credit ,union ,advisory ,council-- 7,a7 shall meet from time to time at the call of the ,director2 and 7,b7 shall meet not less than twice each year4 7d7 ,community ,bank ,advisory ,council 7#a7 ,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 banks4 7#b7 ,membership 7,a7 ,number ,the ,director shall appoint not less than #ae and not more than #bj members to the ,community ,bank ,advisory ,council4 7,b7 ,considerations ,in appointing members under subparagraph 7,a71 the ,director shall-- 7i7 include members representing community banks predominantly serving traditionally underserved communities and populations and their interests1 without regard to party affiliation2 and 7ii7 require an adequate representation of members that represent community banks that are headquartered in a rural or underserved area4 7#c7 ,meetings ,the ,community ,bank ,advisory ,council-- 7,a7 shall meet from time to time at the call of the ,director2 and 7,b7 shall meet not less than twice each year4 7e7 ,compensation and travel expenses ,members of the ,small ,business ,advisory ,board1 the ,credit ,union ,advisory ,council1 or the ,community ,bank ,advisory ,council1 as established under subsections 7b71 7c71 and 7d71 respectively1 who are not full-time employees of the ,united ,states shall-- 7#a7 be entitled to receive compensation at a rate fixed by the ,director while attending meetings of the ,small ,business ,advisory ,board1 the ,credit ,union ,advisory ,council1 or the ,community ,bank ,advisory ,council1 including travel time2 and 7#b7 be allowed travel expenses1 including transportation and subsistence1 while away from their homes or regular places of business4 4 7b7 ,table of contents amendment ,the table of contents in section #a of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended by inserting after the item relating to section #ajad the following3 ,sec4#ajad;,a4 ,advisory ,boards4 4