CUNA is among the more than 2 dozen trade groups expressing support for changing the governance structure of the Consumer Financial Protection Bureau (CFPB) to a 5-person bipartisan commission.
The letter, sent to the leadership of the House Appropriations Committee, supports an amendment from Rep. Mark Amodei (R-Nev.) to the fiscal year 2018 House Financial Services and General Government appropriations bill. It proposes the CFPB’s structure be changed to a 5-person bipartisan commission from single-director leadership.
“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 organizations noted that in a recent Morning Consult poll, only 14% of registered voters polled preferred keeping CFPB’s current single-director structure.
CUNA signed on to a similar letter in June.
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.