CBA Statement on CFPB Leadership Change

November 15, 2017
Nick Simpson

Washington, D.C. – Consumer Bankers Association (CBA) President and CEO Richard Hunt said policymakers should use Consumer Financial Protection Bureau Director Richard Cordray’s announcement to step down as an opportunity to restructure the Bureau with a Commission, similar to almost every other regulatory body in the country. 

 

“I thoroughly appreciate Director Cordray’s willingness to serve as the first Director of the CFPB. While we might not have always seen eye-to-eye, he was accessible and we enjoyed a mostly cordial relationship,” CBA President and CEO Richard Hunt said. “Congress should use this vacancy as an opportunity to establish a bipartisan, Senate-confirmed Commission to uphold the Bureau’s important mission of consumer protection for the long-term. A Commission will establish transparency and bring a diversity of thought and additional insight to ensure rules are beneficial to consumers and the economy.

 

“Additionally, nearly 60 percent of battleground state voters, regardless of party affiliation, prefer a bipartisan commission-based structure at the CFPB – similar to that of nearly every other regulatory body – over a sole director.”

 

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About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.