CFPB leadership commission legislation introduced in Senate

June 17, 2020

Sen. Deb Fischer (R-Neb.) introduced legislation Thursday that would change the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a single director with a five-person, bipartisan commission

“Sen. Fischer’s legislation will bring stability and strength to the CFPB by creating a leadership structure that ensures all voices are heard,” said CUNA Chief Advocacy Officer Ryan Donovan. “This legislation is an important step to reestablishing the Bureau as it was initially envisioned—with input from CUNA and the Leagues—back in the original, House-passed version of the Dodd-Frank Act in 2010. We look forward to working with Congress to finding a path forward on this critical legislation.”

A House companion bill was introduced in March by Rep. Blaine Luetkemeyer (R-Mo.).

Fischer’s bill comes as the U.S. Supreme Court is expected to release a decision in Selia Law v. the CFPB, lawsuit challenging the constitutionality of the CFPB being led by a single director removable only by cause.

CUNA filed an amicus brief calling on the U.S. Supreme Court to vacate a title of the Dodd-Frank Act, then delay implementation by a year in order to give Congress time to make the necessary legislative changes.