Advance America CEO Joins CFPBâ€™s Consumer Advisory Board
Advance America CEO Patrick O’Shaughnessy was recently selected to join the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board. The CFPB is the federal agency responsible for regulating a wide variety of financial products and services, including short-term lending.
In this role, O’Shaughnessy will advise and consult with CFPB Director Richard Cordray, CFPB staff and other members of the Consumer Advisory Board on a variety of issues, including sharing insight on emerging practices and trends in the industry. He will play a key role in ensuring that regulators understand the importance of short-term credit in consumers’ lives.
“I am honored to serve on the CFPB’s Consumer Advisory Board, among distinguished leaders in financial services and consumer advocacy,” O’Shaughnessy said. “With a perspective developed from serving Advance America’s customers across the United States, I understand what consumers want from the marketplace and how to deliver it reliably, efficiently and with proper safeguards.
“I am confident that in sharing these insights–and providing a comprehensive look at the consumer lending marketplace–we can better equip the Bureau to formulate rules that serve consumers’ best interests. As the marketplace evolves, and consumers turn to new and increasingly complex products and services to meet their financial needs, we must ensure that regulations keep pace.”
O’Shaughnessy will serve on the Consumer Advisory Board for a term of three years, alongside other industry representatives, finance experts, consumers, community leaders and advocates.