CFPB Leadership Structure and Reform

Credit unions have different requirements and rules than for-profit financial institutions. Regulatory changes should focus on commonsense efforts and fully consider the impact on all consumers. 

Why you should care

• Consumers lose when their credit union must divert resources to keep up with overly burdensome regulations designed for big banks.  

• Rules affecting credit unions should always consider our unique structure, requirements, and needs of our members. 

• Unlike other regulatory agencies run by a bipartisan board or commission, the CFPB is run by a single director. This means a change in regulations with each new administration.  

Where we stand  

Replacing the single Director with a multi-member commission would prevent ever-shifting priorities and regulations with each change of administration. Additionally, the CFPB needs to tailor its rulemaking to account for the needs of community-based financial institutions.

What you can do 

Support policymaking that is driven by data, not politics.