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Removing Barriers Blog

CUNA Joins Financial Trades in an Op-Ed Urging for a CFPB Commission
Posted December 01, 2017 by Chandler Schuette

Earlier this morning, CUNA’s CEO Jim Nussle along with the President/CEO of the Consumer Bankers Association, Richard Hunt and Camden Fine the President/CEO of the Independent Community Bankers of America published an opinion piece in the Morning Consult on why a Commission is the best option to run the Consumer Financial Protection Bureau (CFPB) in a post-Cordray world.  

CUNA has long supported a multi-person commission, rather than the current structure of a lone director.  This past week of political fighting and legal disputes have just added to the reasons why a Commission is needed. 

“The CFPB’s leadership structure does not provide certainty or stability to banking regulation, consumers or our economy, as evidenced by the agency’s current void in permanent leadership. Each time the White House changes political hands, significant questions in leadership at the CFPB will remain – possibly every four years – as a new director will have complete autonomy to direct the agency according to his or her own ideology. 

In contrast, a bipartisan commission would ensure the bureau takes an inclusive, thoughtful and transparent approach to a multitrillion dollar industry for generations to come.  Certainty and stability in financial regulation is critical for banks to create long-term business plans, invest in innovative products and services and better serve their customers, small businesses and local economies.” 

CUNA will continue to work with Congress and other financial trade associations to create stability and consistency at the CFPB – ensuring there is a common sense approach to regulations, rather than the ideology of a lone director.