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.
Senior Director, Advocacy & Counsel