Removing Barriers Blog

CUNA Joins in Sending Letter Supporting Change to CFPB Structure
Posted June 22,2017 by vgawali

CUNA joined a number of other financial services trade associations in sending a letterto Leadership of the House and Senate Appropriation’s Financial Services and General Government Subcommittees to express strong support for the inclusion of language that would transition the structure of the CFPB to a five-person bipartisan commission.   

As CUNA continues to point out, the single director structure allows for drastic swings in the approach to regulation, which is costly and prevents credit unions from long-term planning. A commission will promote the CFPB’s ability to make bipartisan and reasoned judgments and will offer consumers the protection they deserve, and the industry the certainty it needs. This will help strengthen the economy, and will avoid the risk of politically motivated decisions. 

The letter notes that a recent Morning Consult poll showed that by a margin on three to one, registered voters support a bipartisan commission versus the current structure.   

CUNA has been and will continue to be a strong advocate for a change to CFPB’s leadership structure from a lone Director to a five-person commission, so that more voices are included in the debate.