Today, CUNA and other financial trade associations sent this letter to Congress in support of H.R. 5266, the Financial Product Safety Commission Act of 2018, a bill that would transition the leadership structure at the CFPB from a sole director to a bipartisan commission.

CUNA strongly supports a five-person, bipartisan commission as it would provide a more balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders. The current CFPB leadership structure and transition has borne uncertainty for financial institutions providing lending services, which negatively impacts America’s consumers, small businesses, and our local economies.