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CBA’s Hunt Discusses Need for BCFP Commission with Financial Services Subcommittee
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt this afternoon testified before the House Financial Institutions and Consumer Credit Subcommittee on ways to improve transparency and accountability at the Bureau of Consumer Financial Protection.
Hunt’s written testimony and prepared opening statement are available here.
Key excerpts from his remarks are below:
- “Improving the financial lives of consumers is a goal that unites lawmakers, regulators and industry. There are many changes that can be made to enhance the functioning of the Bureau and increase access to credit for consumers, but improving the governance structure at the Bureau underpins them all. A bipartisan commission at the Bureau will depoliticize it, bring long-term stability, and benefit consumers and small businesses.”
- “When Congress … created the Bureau, it was granted jurisdiction over more than 11,000 banks and credit unions as well as countless non-depository institutions … All of that power was given to a single director … It also means the next director has the sole authority to undo every one of those actions – like a political pendulum, swinging with each new Administration.”
- “As Congress contemplates changes to the Bureau, any meaningful discussion should start with the Bureau’s leadership structure.”
Hunt noted when the Dodd-Frank Act first passed the House of Representatives in 2009, it included a five-member commission. The House has passed legislation creating a commission at the Bureau since then.
He also thanked Representatives Dennis Ross (R-Fla.) and Kyrsten Sinema (D-Ariz), David Scott (D-Ga.), Ann Wagner (R-Mo.), Vincente Gonzalez (D-Texas), Blaine Luetkemeyer (R-Mo.) and Patrick McHenry (R-N.C.) for their leadership on the Financial Product Safety Commission Act of 2018, which would create a bipartisan commission at the Bureau.
About Consumer Bankers Association
The Consumer Bankers Association is the only national trade focused exclusively on retail banking. Established in 1919, the association is now a leading voice in the banking industry and Washington, representing members who employ nearly two million Americans, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans.