Latest CFPB leadership arguments demonstrate need for commission
The latest back-and-forth between Congress and the Consumer Financial Protection Bureau (CFPB) is further proof that a bipartisan, multi-member commission is needed, CUNA believes.
House Democrats have filed an amicus brief supporting the current structure of the CFPB, an announcement that comes in the wake of CFPB Director Kathy Kraninger’s statements that she backs a legal effort urging the Supreme Court to hear challenges to her power as director.
The Dodd-Frank Act contains a provision stating that the CFPB director can only be fired for “inefficiency, neglect of duty or malfeasance in office.”
CUNA has long pushed for the CFPB to replace the current single director leadership structure with a bipartisan, multi-member commission.
“CUNA continues to believe as we have all along: a multi-member commission leading the CFPB will ensure transparency and consistency at the CFPB,” said CUNA Chief Advocacy Officer Ryan Donovan. “The CFPB with its rulemakings, supervisory practices and enforcement policies is too important to the American financial system, financial institutions and consumers to be overly dependent on which party is in charge.”