The Consumer Financial Protection Bureau announced the creation of a Community Banks Advisory Council on Sept. 12.
One of four councils created by the Bureau, the CBAC will advise the Bureau in its rulemaking activity. However, the four Midwestern banks selected have no more influence than any other community bank over the Bureau. These banks will only “advise and consult with the Bureau …on emerging practices in the consumer financial products and services industry, including regional trends, concerns, and other relevant information,” according to the notice given in U.S. Federal Register.
“The Bureau alone will decide what action it will take and policy it will express with respect to the Federal consumer financial laws,” the register says. Members of CBAC serve “at the pleasure of the Director,” it adds.
The Bureau selected banks from a broad range of assets sizes, bank type and geographical location. A list by asset size is below:
|Armed Forces Bank, N.A.||Fort Leavenworth||Kan.||$1.7 billion|
|First Citizens National Bank||Mason City||Iowa||$966 million|
|First Arkansas Bank and Trust||Jacksonville||
|Guaranty Bank and Trust Company||Belzoni||Miss.||$565 million|
|Southern Commercial Bank||Saint Louis||Mo.||$519 million|
|Standard Bank, PaSB||Murrsville||Pa.||$442 million|
|The Peoples Bank Co.||Coldwater||Ohio||$380 million|
|Sound Community Bank||Seattle||Wash.||$355 million|
|Continental National Bank of Miami||Miami||Fla.||$309 million|
|Mechanics & Farmers Bank||Durham||N.C.||$286 million|
|Security Bank, s.b.||Springfield||Ill.||$155 million|
|Commonwealth National Bank||Mobile||Ala.||$65 million|
|The First National Bank of Moody||Moody||Texas||$43 million|
|Pan American Bank||Los Angeles||Calif.||$40 million|