The U.S. Court of Appeals in Washington Thursday granted the Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA, as part of its bipartisan, pro-consumer Campaign for Common-Sense Regulation, supports replacing the single director with a 5-person commission.
“CUNA continues to advocate that the current one-size-fits-all regulatory environment isn’t working,” said Ryan Donovan, CUNA chief advocacy officer. “Creating a commission of multiple voices to lead the bureau will allow the bureau to function in the best interests of consumers well into the future.”
CUNA supported the court’s decision in October, saying the ruling confirmed CUNA concerns that the bureau is flawed, and leadership by an unchecked, independent director does not lead to good public policy.
CUNA’s campaign was launched at the beginning of this year, and seeks various forms of regulatory relief through legislative and regulatory changes at the CFPB, among other agencies.