Bipartisan House bill would create CFPB commission

March 14, 2018

Reps. Dennis Ross (R-Fla.), Kyrsten Sinema (D-Ariz.), Ann Wagner (R-Mo.) and David Scott (D-Ga.) introduced a bill this week to create a bipartisan, five-member commission to lead the Consumer Financial Protection Bureau (CFPB). The Financial Product Safety Commission Act of 2018 (H.R. 5266) is consistent with one of the primary goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulations.

“CUNA maintains that the best leadership structure for the CFPB is a multi-member commission, and we’re pleased to see a bipartisan bill introduced to accomplish this,” said CUNA President/CEO Jim Nussle. “Recent uncertainty over the bureau’s leadership has illustrated perfectly why such a commission is needed, for the sake of consumers and the financial institutions that serve them.”

Under H.R. 5266, the president would appoint, subject to Senate confirmation, five individuals who have strong competencies and experiences in consumer financial products and services to serve on the commission for staggered five-year terms.