CUNA, and other financial trades, submitted a letter Wednesday to Senate leaders to call for the implementation of a 5-person bipartisan commission at the Consumer Financial Protection Bureau (CFPB). The letter, addressed to Senate Majority Leader Mitch McConnell (R-Ky.) and newly elected Senate Minority Leader Chuck Schumer (D-N.Y.), explains how not having a commission could put into question the bureau’s future.
“The CFPB as currently structured is not working for credit unions and their member-owners,” said CUNA President/CEO Jim Nussle. “Changing the structure of the agency and creating a multi-person commission will help bring much needed balance to the decision-making process. The agency was created to protect consumers and the American people deserve an agency that works on behalf of their best interests.”
In the letter, the trades stated that a Senate confirmed, bipartisan board or commission will provide a “balanced and deliberative approach to supervision, regulation and enforcement over financial institutions that is more in keeping with other financial regulators.”
For more information, and to see the letter, see CUNA’s Removing Barriers Blog.
In addition to CUNA, the Consumer Bankers Association, Independent Community Bankers of America and the National Association of Federal Credit Unions signed the letter.