The new Consumer Financial Protection Bureau doesn't even begin operations until July and already CUNA and NAFCU and some on Capitol Hill are pushing for changes in how much power it has and what its structure will be.
House Republicans want the bureau to be run by a five-member board, with a chairman appointed by the president, rather than a presidentially appointed director. They have also introduced a measure to make it easier for the council of regulators to overturn rules issued by the bureau, which will be an independent agency housed inside the Federal Reserve.
CUNA and NAFCU are approaching the legislation differently. CUNA isn't taking a position on whether the bureau is run by a board or an individual, but if Congress goes the board route, the trade group wants to ensure that one board member has credit union experience. NAFCU favors having the bureau run by a board.
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