CUNA President/CEO Jim Nussle joined his counterparts from other trade organizations to publish an op-ed Friday that highlights why a bipartisan commission is the solution to leadership questions at the Consumer Financial Protection Bureau (CFPB). The Morning Consult op-ed spells out the numerous reasons a commission at the CFPB is the best option for consumers.
“Given the bureau’s critical mission, a Senate-confirmed, bipartisan commission would provide the best path forward for consumers. A diverse group of experts directing and formulating agency policy – not a single director – would ensure consumers receive a balanced, deliberative and thoughtful approach to regulation.”
The op-ed further points out that the current leadership structure does not provide certainty or stability to banking regulation, consumers, or the economy, as evidenced by this week’s questions over leadership. It notes that such conflict could potentially arise each time a different party is elected to the White House.
"A bipartisan commission would ensure the bureau takes an inclusive, thoughtful and transparent approach to a multitrillion dollar industry for generations to come. Certainty and stability in financial regulation is critical for banks to create long-term business plans, invest in innovative products and services and better serve their customers, small businesses and local economies.
The op-ed also notes a Morning Consult survey that found voters across eight key 2018 swing states prefer a bipartisan commission at the CFPB by a 3-1 margin, while only 14% believe the agency’s current structure should remain.
The op-ed was contributed by Nussle, Consumer Bankers Association President/CEO Richard Hunt and Independent Community Bankers of America President/CEO Camden Fine.
CUNA has strongly pushed for a bipartisan, five-person commission to lead the bureau, and such a change to the CFPB’s structure is one of the goals in CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, launched earlier this year.