CFPB headquarters. (Source: Shutterstock)
Legislation was introduced Thursday in the Senate calling for a fundamental change to the leadership structure at the CFPB to a five-person commission, instead of a single director.
Sen. Deb Fischer (R-Neb.) introduced the bill, which mirrored legislation introduced in the House by Rep. Blaine Luetkemeyer (R-Mo.) in March, which also called for a full restructuring of how the CFPB is led – with a bipartisan commission rather than a director.
According to a statement from credit union trade groups, CUNA and NAFCU appear to fully support this legislation.
"Sen. Fischer's legislation will bring stability and strength to the CFPB by creating a leadership structure that ensures all voices are heard," CUNA Chief Advocacy Officer Ryan Donovan said. "This legislation is an important step to reestablishing the Bureau as it was initially envisioned — with input from CUNA and the Leagues — back in the original, House-passed version of the Dodd-Frank Act in 2010. We look forward to working with Congress to finding a path forward on this critical legislation."
"By establishing a bipartisan commission at the CFPB, consumers would benefit from more robust debate, diversity of thought and a stable leadership structure at the agency," NAFCU President/CEO Dan Berger said. "We thank Senator Deb Fischer for introducing this important legislation, and we encourage Congress to swiftly pass this bill. Until the CFPB's leadership structure is reformed by Congress, we look forward to continuing to work with Director Kathy Kraninger. Over the years, she has been responsive, transparent and receptive to the needs of credit unions."
Sen. Fischer's bill comes at an interesting moment for the CFPB as the U.S. Supreme Court is expected to announce a decision soon in the Selia Law v. the CFPB lawsuit. This lawsuit challenged the constitutionality of the CFPB's leadership structure of a one-person director who can be removed only by cause.
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