Joint Trades Letter Supporting the Amodei Amendment to Establish a CFPB Commission

The Honorable Rodney Frelinghuysen

Chairman 

Appropriations Committee 

U.S. House of Representatives

Washington, D.C. 20515 

 

The Honorable Tom Graves  

Chairman 

Financial Services & General Government  Subcommittee, Appropriations Committee

U.S. House of Representatives

Washington, D.C. 20515 

 

The Honorable Nita Lowey 

Ranking Member 

Appropriations Committee 

U.S. House of Representatives

Washington, D.C. 20515

 

The Honorable Mike Quigley

Ranking Member 

Financial Services & General Government Subcommittee, Appropriations Committee

U.S. House of Representatives

Washington, D.C. 20515 

 

Re:  Support the Amodei Amendment, an amendment to establish a five-member, bipartisan commission at the CFPB 

 

 

Dear Chairman Frelinghuysen, Ranking Member Lowey, Chairman Graves, 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 Amodei Amendment, which would include in the FY 2018 House Financial Services & General Government (FSGG) bill, 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 Appropriations Committee included CFPB commission language in the FY 2017 bill text, and we strongly support similar language being included in the FY 2018 House Appropriations Bill.  We look forward to working with the Committee 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 
The U.S. Chamber of Commerce