Rep. Blaine Luetkemeyer (R-Mo.) introduced a CUNA-supported bill Wednesday to replace the director of the Consumer Financial Protection Bureau (CFPB) with a bipartisan five-member commission. CUNA is a longtime supporter of a multi-member commission to lead the CFPB, especially in light of the U.S. Supreme Court decision that found the director is removable at will by the president.
“This bill is an appropriate solution to the instability that has been part of the CFPB leadership structure since its inception, and shows no sign of changing in the future, as President Biden’s current nominee would be the third director in nine years,” said CUNA President/CEO Jim Nussle. “Financial institutions and consumers deserve stability at an agency that affects so much of our financial sector, particularly as we work to come out of the pandemic.”
Previous CFPB Director Kathy Kraninger resigned January 20 at the request of President Joe Biden, who named Dave Uejio acting director and nominated Rohit Chopra as the next director.
CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee in March prior to Chopra’s testimony before the committee, calling on Congress to, “enact legislation establishing a multi-person, bipartisan commission to lead the Bureau, as was originally proposed by the Obama administration in 2009.”
CUNA has long supported a commission leadership structure at the CFPB and has listed the issue as a top advocacy priority in the 2021 credit union advocacy agenda.