Credit union trade groups Wednesday endorsed newly introduced House legislation that would transform the CFPB into a commission, but the bill has an uphill climb in both the House and Senate.

The bill, introduced by Rep. Dennis Ross (R-Fla), would make the CFPB an independent financial product commission.

The bill was referred to the House Financial Services Committee, whose chairman, Rep. Jeb Hensarling (R-Texas), has rejected the concept of a commission. Hensarling's plan to overhaul the Dodd-Frank Act, which has passed the House, retains the single-director structure of the CFPB, although the legislation would greatly reduce the agency's powers.

In the last Congress, Hensarling's overhaul bill contained the commission idea.

And in the Senate, Banking Chairman Mike Crapo (R-Id.) has avoided fights over the CFPB in his bipartisan legislation to overhaul Dodd-Frank, which is now on the Senate floor.

Nonetheless, the credit union trade groups endorsed the legislation.

“NAFCU has long advocated for a commission structure at the CFPB to provide long term continuity and stability,” said NAFCU President/CEO B. Dan Berger. “A commission allows for input from differing views to form strong public policy.”

“Recent uncertainty over the bureau's leadership has illustrated perfectly why such a commission is needed, for the sake of consumers and the financial institutions that serve them,” said CUNA President/CEO Jim Nussle.