U.S. Rep. Steny Hoyer, D-Md., defending the CFPB at a committee markup Thursday. Credit/U.S. House
CUNA sent a letter to a House panel Thursday applauding their work to strip the CFPB of its independent funding and governance.
"CUNA supports and applauds the chairman's provisions to reform the CFPB's structure and funding mechanism," CUNA President/CEO Jim Nussle wrote. "These provisions are crucial as they replace the CFPB director with a five-member commission, as well as require the bureau to be subject to congressional oversight and annual funding through the appropriations process."
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