Trade Groups Support Structural Change in CFPB to Five-Member Commission

In a June 22nd joint letter to House and Senate Appropriations Committee leadership, 22 financial and business trade associations supported the inclusion of language in the fiscal year 2018 spending bill that would transition the governance structure of the Consumer Financial Protection Bureau (CFPB) from a single director to a bipartisan, five-member commission.

The trade groups noted that by a three-to-one margin, registered voters support such a structure for the regulatory watchdog agency, according to data from Morning Consult.

“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 associations said. “The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration.”

Read the letter.