Sen. Deb Fischer (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the Consumer Financial Protection Bureau (CFPB). CUNA Chief Advocacy Officer Ryan Donovan thanked Fischer for the bill, which he said would benefit credit unions and consumers.
“We thank Sen. Fischer for recognizing the need for structural changes at the CFPB, changes that will ultimately benefit the consumer,” Donovan said. “This legislation would bring a needed set of voices to consumer protection field, and ensure the bureau serves as a source of balance and stability for consumers and the financial services industry by encouraging internal debate and deliberation, ultimately leading to increased transparency.”
Specifically, Fischer’s bill would replace the director of the CFPB with a bipartisan board of directors comprised of five individuals, with each board member appointed by the president and confirmed by the Senate.
The president would appoint 1 of the 5 members of the board to serve as board chair, and board members would each serve staggered 5-year terms. No more than 3 members would be from the same political party.
The legislation would take effect on the date on which at least 3 persons have been confirmed by the Senate to serve as members of the board of directors.
CUNA’s Campaign for Common-Sense Regulation, launched earlier this year, has a 5-person CFPB board as one of its primary goals.
Through its campaign, CUNA also hopes to see the CFPB’s statutory exemption authority broadened and clarified, the bureau funded through the appropriations process, and a higher asset threshold for supervision, among other goals.