CBA Urges Congressional Passage of CFPB Commission

March 14, 2018

WASHINGTON – The Consumer Bankers Association today strongly endorsed legislation, H.R. 5266, introduced in the U.S. House of Representatives establishing a Senate-confirmed, bipartisan commission at the Consumer Financial Protection Bureau (CFPB). The bipartisan legislation was introduced by Representatives Dennis Ross (R-Fla.) and Kyrsten Sinema (D-Ariz.) and cosponsored by Representatives David Scott (D-Ga.) and Ann Wagner (R-Mo.).

 

“It is beyond comprehension to give a single director nearly unilateral authority over every consumer and financial institution in the country. We applaud this bipartisan solution establishing a Senate-confirmed, bipartisan commission – like nearly all other regulatory agencies in the country – to bring greater stability and balance to the CFPB,” said CBA President and CEO Richard Hunt. “A commission prevents the regulatory pendulum from swinging wildly back-and-forth every time a new person sits in the Oval Office and will help ensure the CFPB fulfills its mission of consumer protection.”

 

“We thank Representatives Ross, Sinema , Scott and Wagner for their leadership on this important issue and Acting CFPB Director Mulvaney for bringing the CFPB back in line with its Congressional mandate.”

 

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.

 

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has supported bringing bipartisan regulatory reforms efforts to the House floor for a vote.

Background Materials

###

 

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.