Monday, June 22, 2020

Groups Write in Support of Replacing CFPB Director with Five-Member Commission

A broad coalition of financial and housing industry groups, including bank and credit union trade groups, wrote Sen. Deb Fischer (R - NE) expressing their support for her recent bill, S. 3990, that would replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission.

In the June 18 letter, the groups noted that this structure “will provide a balanced and deliberative approach to supervision, regulation and enforcement by encouraging input from all stakeholders.”

They added that there has long been bipartisan support in Congress for a CFPB five-member commission, with several bills passed by the House with both Democratic and Republican support in recent years. Additionally, the House version of the Dodd-Frank Act that passed in 2009 also envisioned a commission governance structure for the bureau, the groups said.‌

The letter came as the Supreme Court prepares to render a decision in Seila Law v. the Consumer Financial Protection Bureau, where the question of the bureau’s governance structure is under review.

Read the letter.
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