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Reps. Dennis Ross, R-Fla., and Kyrsten Sinema, D-Ariz., yesterday announced that they have introduced legislation that would reform the CFPB's governance structure from a single director to a bipartisan commission. Reps. David Scott, D-Ga., and Ann Wagner, R-Mo., joined them as original cosponsors of the legislation.

"NAFCU has long advocated for a commission structure at the CFPB to provide long term continuity and stability," said NAFCU President and CEO Dan Berger. "A commission allows for input from differing views to form strong public policy. Until that point, we appreciate working with Acting Director [Mick] Mulvaney and note his continued support of the credit union industry."

The bill would create a five-person commission – appointed by the president and serving staggered five-year terms – to lead the CFPB.

NAFCU was the only financial services trade association to oppose subjecting credit unions to CFPB authority under the Dodd-Frank Act, and continues to push for the bureau to exempt credit unions from its rulemakings.

In addition to advocating for a commission to lead the CFPB, NAFCU has supported other reforms to the bureau, such as bringing it under the congressional appropriations process.

NAFCU has a list of priorities it would like to see the CFPB pursue this year available here. The association has met with Mulvaney and has been encouraged by his efforts to bring change to the bureau's operations.