PHOENIX – Legislation to change the CFPB into an independent commission and replace its one director with a board may soon move out of the House Financial Services Committee, according to CUNA Chief Advocacy Officer Ryan Donovan.
Donovan shared the news at a Sept. 23 session during the CUNA Community Credit Union and The Federation 2015 Annual Conferences at the Sheraton Downtown. Roughly 260 credit union industry executives registered to attend all or part of the meeting, the organization said.
Donovan told attendees that the Obama Administration had gone on the record as adamantly opposing the idea for some time, but recently, officials appeared more open to the possibility.
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