CUNA joined several organizations to support bill H.R. 4773 from Representative Blaine Luetkemeyer (R-Mo.), which would 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.
“A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders. The current single director structure leads to uncertainty as administrations transition,” the organizations wrote.
“The American people recognize the benefit of having certainty and stability from a bipartisan commission at the CFPB. A Morning Consult poll shows that by a margin of three to one, registered voters in eight states support a bipartisan commission over a sole director, with only 14 percent of those polled stating they prefer to keep the Bureau’s current leadership structure,” the letter reads.
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.