Newsroom
NAFCU: CFPB Commission provides balanced, deliberative approach to consumer protection
This week, NAFCU joined with a group of financial trade associations to write to House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., in support of the Consumer Financial Protection Commission Act, which reforms the Consumer Financial Protection Bureau’s (CFPB) governance structure from a single director to a five-member bipartisan commission.
“A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders,” wrote the associations. “The current single director structure leads to uncertainty as administrations transition. This uncertainty is not only borne by financial institutions providing significant lending services, but it negatively impacts America’s consumers, small businesses, and our local economies.”
NAFCU has long advocated that the bureau's leadership structure should be reformed to a commission-based model, and has also offered support for bringing it under congressional appropriations oversight. Luetkemeyer previously introduced legislation to reform the CFPB's governance in March of 2020; NAFCU joined with 18 trade associations to voice support for the bill.
NAFCU will continue to support and advocate for legislative efforts to reform the CFPB’s structure.