Financial and business coalition lines up behind CFPB commission

News
June 22, 2017

A coalition of financial and business groups called on lawmakers to replace the Consumer Financial Protection Bureau's single director with a five-person, bipartisan commission.

The endorsement, presented today in a letter to House and Senate appropriators, represents the view of 22 trade groups representing thousands of large and small businesses, banks, tech companies and real estate groups. The National Black Chamber of Commerce, Consumer Bankers Association, National Federation of Independent Business, National Association of Realtors and Financial Services Roundtable were among the signatories.

"A Senate-confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation and enforcement," the group wrote. "The current single director structure leads to regulatory uncertainty and instability."

The letter was addressed to Senate Appropriations Committee members Shelley Moore Capito (R-W.Va.) and Chris Coons (D-Del.), and Reps. Tom Graves (R-Ga.) and Mike Quigley (D-Ill.) of the House Appropriations Committee.

The coalition is the first major group to line up behind a committee structure for the CFPB, a position at odds with House legislation that would weaken the bureau's independence and reach. The CHOICE Act from Financial Services Chairman Jeb Hensarling (R-Tex.), passed earlier this month, would eliminate most of the bureau's powers and make it more beholden to Congress and the president.

WHAT'S NEXT: Senate Banking Chairman Mike Crapo (R-Idaho) plans to negotiate regulatory legislation with Democrats.