Joint Trades Letter to FSGG RE: CFPB Commission

June 22, 2017

The Honorable Shelley Moore Capito                                     The Honorable Tom Graves

Chairman                                                                                             Chairman            

Financial Services & General Government                            Financial Services & General Government

Subcommittee                                                                                  Subcommittee

Senate Appropriations Committee                                          House Appropriations Committee                             

133 Dirksen Senate Office Building                                           B-300 Rayburn House Office Building

Washington, D.C. 20002                                                                Washington, D.C. 20515

 

The Honorable Chris Coons                                                         The Honorable Mike Quigley

Ranking Member                                                                             Ranking Member

Financial Services & General Government                            Financial Services & General Government

Subcommittee                                                                                  Subcommittee

Senate Appropriations Committee                                          House Appropriations Committee

125 Hart Senate Office Building                                                  B-300 Rayburn House Office Building

Washington, DC  20002                                                                  Washington, D.C. 20515

 

Dear Chairman Capito, Chairman Graves, Ranking Member Coons and Ranking Member Quigley:

 

The undersigned trade associations representing thousands of banks, credit unions, financial institutions, and businesses of all sizes that serve America’s consumers write to express our strong support for the inclusion in the Senate and House Financial Services & General Government (FSGG) Subcommittee FY2018 bills, language that would transition the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five person bipartisan commission. 

 

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 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. Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions.

 

Importantly, the American people are supportive of a bipartisan commission at the CFPB.  A recent Morning Consult poll shows that by a margin of three to one, registered voters support a bipartisan commission over a sole director, with only 14 percent of those polled stating they prefer to keep the Bureau’s current leadership structure.

 

Last Congress, the House FSGG Subcommittee included CFPB commission language in the FY2017 bill text, and we strongly support similar language being included in the FY2018 Senate and House Appropriations Bills.  We look forward to working with the Committees and the 115th Congress to pass this much needed bipartisan legislation.

 

Sincerely,

 

 

 

ACA International

American Bankers Association

American Escrow Association

American Financial Services Association

American Land Title Association

Community Mortgage Lenders of America

Consumer Bankers Association

Consumer Data Industry Association

Consumer Mortgage Coalition

Credit Union National Association

Electronic Funds Transfer Associations

Electronic Transactions Association

Financial Services Roundtable

Independent Community Bankers of America

Mortgage Bankers Association

National Association of Federally-Insured Credit Unions

National Association of Independent Housing Professionals

National Association of Realtors

National Black Chamber of Commerce

National Federation of Independent Business

Real Estate Services Providers Council, Inc. (RESPRO)

Small Business & Entrepreneurship Council

The Realty Alliance

 

 

 

Cc:

Senate Appropriations Chairman Thad Cochran

Senate Appropriations Ranking Member Patrick Leahy

House Appropriations Chairman Rodney Frelinghuysen

House Appropriations Ranking Member Nita Lowey