Austin Capital Bank CEO Appointed To Consumer Financial Protection Bureau (CFPB) Advisory Council

CEO and founder to serve on Community Bank Advisory Council

Austin, TX (September 7, 2018) – The Consumer Financial Protection Bureau (CFPB) today announced that it has appointed Austin Capital Bank founder and CEO Erik Beguin to the Community Bank Advisory Council (CBAC) for the Bureau. The CBAC provides advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.

“I am appointing experts to the Bureau’s advisory committees who will bring a fresh perspective to our important work,” said Bureau Acting Director Mick Mulvaney. “These experts are highly talented individuals in consumer finance markets, and we look forward to working closely with them throughout their service.”

The Dodd-Frank Wall Street Reform and Consumer Protection Act charged the CFPB with establishing a Consumer Advisory Board (CAB) to advise and consult with the Bureau’s Director on a variety of consumer financial issues. In conjunction with the creation of the CAB, the Bureau also created the Community Bank Advisory Council to advise and consult with the Bureau on consumer financial issues related to community banks.

“It is an honor and privilege to be one of the seven community bankers in the nation selected by the Bureau to serve on the Council to be an advocate for consumers and community banks across our nation,” said Erik Beguin, founder and CEO of Austin Capital Bank. “I take this appointment and my responsibility to consumers, community banks, and the Bureau very seriously and hope to make a positive impact for all of my constituents during my time on the Council.”

About the Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.

About Austin Capital Bank

Austin Capital Bank is a 5-Star rated, FDIC-insured, independent community bank located in Austin, Texas. The bank powers responsible financial innovation and digital banking services nationwide. Austin Capital Bank is consistently recognized as a top performing financial institution and has been ranked on consecutive INC. 5000 lists since 2016. Austin Capital Bank is unique among community banks in that it defines ‘community’ as a common set of needs and values vs the traditional geographic focus of community banks.