A bipartisan commission leading the Consumer Financial Protection Bureau (CFPB), as proposed by President Barack Obama and Sen. Elizabeth Warren (D-Mass.), is essential to preserving the CFPB’s independence, CUNA wrote to the Senate Banking Committee. CFPB Director Kathy Kraninger appeared before the committee Thursday for her semi-annual testimony.
“To ensure that consumers enjoy strong and consistent protections, Congress should enact legislation that changes the leadership structure to a multimember, bipartisan commission. A multi-member commission, as envisioned by the original proponents of the Bureau, would enhance consumer protection by ensuring that diverse perspectives are considered prior to finalizing rules and prevents disruptions caused by leadership changes.
“Credit union members and other consumers would benefit from policymaking that includes more voices,” the letter adds.
CUNA’s letter also recommended the CFPB:
CUNA sent a similar letter to the House Financial Services Committee Wednesday for its hearing featuring Kraninger’s testimony.