Removing Barriers Blog

CUNA and trades write to Senator Fischer in support of CFPB Commission legislation
Posted June 18, 2020 by CUNA Advocacy

Earlier this morning, CUNA joined a number of financial trades in writing a letter of support to Senator Fischer (R-NE) for the legislation she introduced yesterday. S. 3990, the Financial Product Safety Commission Act would change the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a single director with a five-person, bipartisan commission.  

“Sen. Fischer’s legislation will bring stability and strength to the CFPB by creating a leadership structure that ensures all voices are heard This legislation is an important step to reestablishing the Bureau as it was initially envisioned—with input from CUNA and the Leagues—back in the original, House-passed version of the Dodd-Frank Act in 2010. We look forward to working with Congress to finding a path forward on this critical legislation.”  CUNA Chief Advocacy Officer Ryan Donovan. 

Signers of the letter wrote:
 
“We believe your legislation is the appropriate and sensible remedy that would bring long term stability to the Bureau. In addition to safeguarding the CFPB from executive and political interference, a Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders. The current single director structure, as we witnessed in the transition in CFPB leadership from the Obama Administration to the Trump Administration, leads to significant uncertainty within the financial services industry. This uncertainty is not only borne by financial institutions providing significant lending services, but it negatively impacts America’s consumers, small businesses, and our local economies.”