CBA Calls for Bipartisan Commission at CFPB, Other Reforms

March 25, 2019
Nick Simpson

 

CBA Calls for Bipartisan Commission at CFPB, Other Reforms

H.R. 1500 would be unnecessary if CFPB were run by bipartisan commission

 

WASHINGTON – The Consumer Bankers Association today wrote House Financial Services Chairwoman Maxine Waters and Ranking Member Patrick McHenry in advance of the committee’s markup of H.R. 1500, the Consumers First Act. In addition to stressing the need for an independent Student Loan Ombudsman at the Consumer Financial Protection Bureau and reforming the CFPB’s complaint database, CBA again stressed the need for the Bureau to be led by a bipartisan commission.

 

“Our primary position remains that Congress should depoliticize CFPB operations by replacing the single director with a bipartisan multi-member Senate confirmed commission,” CBA President and CEO Richard Hunt wrote. “A commission of individuals with diverse experience and expertise related to consumer financial products and services would elevate CFPB functions and transparency by providing an open debate of differing ideas, viewpoints, and solutions, encouraging all sides to contribute to carefully conceived and lasting solutions for consumers.”

 

A full copy of the letter is available here.

 

On the role of the Student Loan Ombudsman, CBA noted that for several years the ombudsman has also led the Office of Students. Since an ombudsman should be impartial, this shared role creates a conflict of interest.

 

CBA also noted its support for “policy that would limit the public dissemination of unsubstantiated information submitted through the CFPB complaint database that could have unintended consequences on bank and consumers.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.