Banking, Credit Union Trades Send Letter to Senate, Call for CFPB Commission

December 7, 2016

Washington, D.C. – The Consumer Bankers Association (CBA), the Credit Union National Association (CUNA), the Independent Community Bankers of America (ICBA), and the National Association of Federal Credit Unions (NAFCU), submitted a letter to Senate leaders to call for the implementation of a 5-person bipartisan commission at the Consumer Financial Protection Bureau (CFPB). The letter, addressed to U.S. Senate Majority Leader Mitch McConnell (R-KY) and newly elected Senate Minority Leader Chuck Schumer (D-NY), explains how not having a commission could put into question the Bureau’s future.

“As we approach the beginning of a new administration, it is crucial we finally put in place a governing structure at the CFPB to ensure it does not become a political weapon, something we are certain Senate leaders McConnell and Schumer can appreciate. In addition, the governing structure of the agency makes the potential for abuse of power and political influence not only possible, but inevitable.” said CBA President & CEO Richard Hunt.

“The CFPB as currently structured is not working for credit unions and their member-owners. Changing the structure of the agency and creating a multi-person commission will help bring much needed balance to the decision-making process. The agency was created to protect consumers and the American people deserve an agency that works on behalf of their best interests,” said CUNA President & CEO Jim Nussle.

“A five-member commission would allow for more diverse views and expertise on issues before the agency, ensuring more balanced regulatory oversight and consumer protection. We are hopeful members of the next Congress view putting a commission at the head of such a critical agency as the first step in showing they are putting the interests of American consumers and businesses ahead of politics,” said ICBA President & CEO Cam Fine.

“It is critical for Congress to establish a 5-person commission to head the CFPB.  This commission would provide invaluable stability and clarity for credit unions, their members as well as other financial institutions and consumers. This commission would ensure that CFPB’s leadership structure would not be vulnerable to being changed every four years at the will of the President,” said NAFCU President & CEO Dan Berger.

Click here for the full text of the letter.