CBA Urges CFPB Commission Language in Appropriations Bills

June 22, 2017

On Thursday, June 22, 2017, CBA led a joint trade effort with 22 trades representing thousands of banks, credit unions, financial institutions, fintech companies, and businesses of all sizes to House and Senate Appropriators requesting inclusion of CFPB Commission language in the FY2018 Financial Services & General Government Appropriations Bills. 

 

CBA stated, “A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders. The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration. Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions.

 

“Importantly, the American people are supportive of a bipartisan commission at the CFPB.  A recent Morning Consult poll shows that by a margin of three to one, registered voters support a bipartisan commission over a sole director, with only 14 percent of those polled stating they prefer to keep the Bureau’s current leadership structure.”