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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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
