Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New bill re-introduces five-member CFPB leadership plan
WASHINGTON (2/4/13)--Sen. Jerry Moran (R-Kansas) introduced a bill (S. 205) Friday that would replace the director's position at the Consumer Financial Protection Bureau with a five-person panel. The bill mirrors one Moran offered in the last Congress.

The Credit Union National Association backs the concept of a multi-member directors panel but maintains it should go beyond the five-member model. CUNA believes a CFPB board should include seats statutorily designated for industry representatives, including a state or federal credit union regulator, and possibly a state consumer agency representative.

CUNA maintains that industry representation would enhance the quality of regulation promulgated by the CFPB by ensuring both the consumer perspective as well as the industry perspective is represented in the decision-making process.

The Moran bill also would bring the CFPB under the regular appropriations process; currently the bureau receives around $400 million in funding directly from the Federal Reserve. 

Many proponents of the changes carried in Moran's bill argue that they would make the CFPB more accountable and provide additional checks and balances.

A number of GOP lawmakers vowed last year to block confirmation of a director unless those changes were made. In fact, 43 Senate Republicans sent a letter to President Obama Friday and re-committed to their vow.

That opposition, in large part, led to President Obama's recess appointment last year of Richard Cordray as CFPB director.
RSS print
News Now LiveWire
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
14 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
14 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
20 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
22 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
23 hours ago