Credit union and bank executives told a congressional committee on Thursday Congress should change the structure of the CFPB to a five-person commission.
Sen. Sherrod Brown (D-Ohio) asked Wally Murray, president/CEO of the $515 million Greater Nevada Credit Union in Carson City, Nev., how putting a board in charge of the CFPB would help in terms of regulatory relief.
"We just believe it creates an environment for more sensible rulemaking from collaboration, much like among this committee, from different minds," Murray, chairman of the Nevada Credit Union League, told Brown during a Senate Banking Committee hearing. "When you have one person in charge of the entire bureau, who sets that agenda? One person essentially. We just feel like it's a more common sense approach to coming out with common sense regulation."
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