Newsroom

NAFCU, along with 22 other trade organizations representing the financial services industry, expressed strong support in a letter Monday for legislation that would reform the CFPB's governance structure from a single director to a bipartisan commission.

The letter was sent to Reps. Dennis Ross, R-Fla., Kyrsten Sinema, D-Ariz., David Scott, D-Ga., and Ann Wagner, R-Mo., who introduced the Financial Product Safety Commission Act (H.R. 5266) last month. The bill would create a five-person commission – appointed by the president and serving staggered five-year terms – to lead the CFPB.

The trades, in the letter, acknowledge the uncertainty the transition from one presidential administration to the next has on the CFPB, as a single director can dramatically shift the bureau's philosophy and approach to regulating.

The groups argue that "[a] Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders." They also highlight that, according to recent polling, Americans are more likely to support a commission structure than a single director.

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.

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

To read the full letter, click here.