Prof. Cox (’90) Named to National Consumer Advisory Board
SEPTEMBER 17, 2012—Professor Prentiss Cox (’90) was recently appointed to the Consumer Financial Protection Bureau's (CFPB) newly created Consumer Advisory Board, which is charged with "identifying and assessing the impact of emerging products, practices, or services on consumers and other market participants." The Consumer Advisory Board will guide and consult with the CFPB and its director as well as provide information, analysis, and recommendations.
Cox is one of three academics among the 25 Consumer Advisory Board members, selected for their expertise in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services. Board members include CEOs, policy analysts, marketing officers, directors of banks and credit unions, and other nongovernmental consumer experts. CFPB leadership specifically sought to include representatives involved with communities that are underserved and have been affected by high-priced mortgage loans.
Formerly an assistant attorney general and manager of the Consumer Enforcement Division in the Minnesota Attorney General's Office, Cox has prosecuted numerous cases involving predatory lending, foreclosure, bank regulation, telemarketing, and other forms of fraud. He has drafted and testified for numerous consumer protection laws and has written widely on consumer fraud, financial institution regulation, foreclosure reform, and related topics. He created and supervises the Law School's Consumer Protection Clinic.
The CFPB was created as part of the financial regulatory reforms in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and it focuses on educating and protecting American consumers in their use of financial products and services. In addition to the Consumer Advisory Board, the CFPB recently formed the Community Banks Advisory Council, Credit Union Advisory Council, and Academic Research Council to help in its mission.