CBA Appreciates Acting CFPB Director Mulvaney’s Goal of Greater Accountability, Calls for Commission at CFPB

April 2, 2018

WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement in response to the release of the CFPB’s Semi-Annual Report, which includes recommended statutory changes to the CFPB by Acting Director Mick Mulvaney: 

“We appreciate Acting CFPB Director Mick Mulvaney’s goal of bringing greater accountability to the Bureau. We look forward to hearing further details from Acting Director Mulvaney on his policy proposals in his upcoming testimony before Congress, and we strongly believe an independent, bipartisan commission at the CFPB – not subject to the political shifts of changing administrations – is the best way forward to provide for accountability, certainty and stability at the CFPB,” said CBA President and CEO Richard Hunt. 

Background Materials

During negotiations on the Dodd-Frank Act, then House Financial Services Committee Chairman Barney Frank (D-Mass.) originally drafted legislation, which Democrats supported, creating the CFPB as a bipartisan board. Additionally, then-Congressman Mick Mulvaney, House Financial Services Committee Chairman Jeb Hensarling and many of their colleagues have previously voted in favor of establishing a commission at the CFPB.

In total, the House Financial Services Committee has passed a CFPB commission bill six times and the full House of Representatives has passed CFPB commission language four times – both under Democratic and Republican control.

Background Materials