Removing Barriers Blog

HFSC Republicans introduce CFPB Commission legislation
Posted March 05, 2020 by CUNA Advocacy

Congressan Blaine Luetkemeyer (R-MO) and the Republican members of the House Financial Services Committee introduced a bill that would replace the Consumer Financial Protection Bureau’s (CFPB) single director with a bipartisan commission. CUNA has advocated for years on behalf of a commission leading the CFPB, and strongly supports the bill.

Earlier this week, the U.S. Supreme Court heard arguments in Seila Law v. CFPB, a lawsuit challenging the constitutionality of the CFPB being led by a single director removable only by cause. CUNA filed an amicus brief in the case, advocating the Supreme Court rule the CFPB structure unconstitutional, but stay the effect of the decision in order to give Congress time to cure the constitutional defect and establish a commission to lead the Bureau.

This position was echoed by the Editorial Board of the Wall Street Journal this week.

CUNA’s brief, as well as other communications to policymakers, has also shown that a bipartisan, multi-member leadership of the CFPB was the preferred structure in early Dodd-Frank proposals from President Barack Obama and then-Harvard law professor Elizabeth Warren, now a Democratic Senator from Massachusetts.