At NerdWallet, we’re on a mission to balance personal finance in favor of the consumer.
Part of that is providing free tools, research and expert advice that give people the clarity they need to make the best decisions. Another part is making sure we’re advocating for consumers whenever, and wherever, possible.
That’s why we’re excited to announce the appointment of NerdWallet CEO Tim Chen to the Consumer Financial Protection Bureau’s Consumer Advisory Board. Chen’s position on the board will give him an exceptional opportunity to engage with the country’s most important governmental agency on personal finance and consumer issues.
Chen will advise the agency’s director on consumer financial protection policy, the most optimal ways to study consumer trends and how best to reach consumers with personal finance information. His appointment will allow NerdWallet to share its unique knowledge of consumers’ financial behaviors and needs with the head of the independent federal agency tasked with safeguarding U.S. consumers in the financial sector.
Chen is thrilled he can help the CFPB more effectively protect consumers.
The CFPB, which has jurisdiction over banks, credit unions and other financial services such as securities firms and payday lenders, enforces consumer protection laws, educates consumers on sound financial practices and analyzes data about consumers, financial services providers and consumer financial markets.
The Consumer Advisory Board provides the CFPB’s director with perspectives on trends and practices in consumer finance. The board’s diverse members represent a variety of organizations and are experts in consumer protection, financial products and services, fair lending and community development.
Consumer Advisory Board members serve three-year terms, meeting at least twice a year. Chen’s term begins immediately and will end on Sept. 30, 2018; he will attend his first board meeting in Washington, D.C, on Oct. 20-22.