Following news that Richard Cordray, Director of the Consumer Financial Protection Bureau had named a deputy director of the CFPB before resigning today and President Trump’s designating OMB Director Mick Mulvaney as interim director of the bureau, Credit Union National Association president and CEO Jim Nussle issued a statement:
“Director Cordray’s final act illustrates so clearly why a commission overseeing CFPB would be superior to the single director model. With a commission in place there would be no opportunity for a lame duck appointee to select a non-Senate confirmed citizen to lead an agency with such an unaccountable structure governing the entire financial services marketplace. A CFPB commission would ensure that leadership at this agency — like so many others — continues without disruption. We continue to urge Congress to enact legislation replacing this structure with a multi person, bipartisan commission.
In the meantime we’re committed to working with CFPB's new leadership to address the problems that pending and final rules have caused credit unions and their 110 million members, and move towards a new approach that recognizes the exceptional consumer protections credit unions provide, while continuing to address abusers of consumers.”