CFPB commission bill introduced in House

by NAFCU Newsroom

House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., today introduced NAFCU-supported legislation that would reform the CFPB’s governance structure from a single director to a bipartisan commission. NAFCU has consistently advocated that the bureau’s leadership structure should be reformed to a commission-based model to ensure transparency and accountability.

“NAFCU has long supported a bipartisan commission at the CFPB to provide for more open debate, diversity of thought, and a stable leadership structure that would better serve consumers in the long-run,” said NAFCU President and CEO Dan Berger. “We thank Rep. Blaine Luetkemeyer for introducing this important bill, and we look forward to advocating for its passage on Capitol Hill.

“To date, CFPB Director Kathy Kraninger has been receptive, transparent and open to listening to the needs of credit unions. Until Congress acts to change the CFPB’s leadership structure, we look forward to continuing to work with Director Kraninger. More so, we will continue to staunchly oppose subjecting credit unions to CFPB authority, and we will continue to push for the bureau to exempt credit unions from its rulemakings.”

 

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