CUNA joined other trade groups this week in expressing strong support for language supporting a Consumer Financial Protection Bureau (CFPB) commission to be included in fiscal year 2018 appropriations legislation. Specifically, the organizations asked for a Senate-confirmed, 5-person commission to lead the bureau, and the language to be included in financial services and general government (FSGG) appropriation language.
“A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders,” the letter reads. “The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration.
“Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions,” the letter adds.
The organizations cite a recent Morning Consult poll showing that voters prefer a bipartisan commission by a 3-to-1 margin.
Additional details, and a link to the letter, can be found on CUNA’s Removing Barriers Blog.
Changing the CFPB leadership structure to a 5-person commission is one of the goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, which aims to reduce regulation on credit unions by compelling Congress to end one-size-fits-all regulations better suited for Wall Street than credit unions on Main Street.