Some 22 trade groups—including CUNA and NAFCU—are asking congressional appropriators to convert the CFPB into a five-member bipartisan commission whose nominees are confirmed by the Senate.
"A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders," the groups said in a Thursday letter to the chairmen and ranking members of House and Senate Appropriations Committee and subcommittees.
The House has attempted to convert the CFPB into a commission in its versions of several annual appropriations bills, but the Senate has rejected that plan.
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