WASHINGTON—House Financial Services Committee Member Blaine Luetkemeyer (R-MO) has reintroduced legislation that would reform the CFPB's governance structure from a single director to a five-member bipartisan commission.
“NAFCU has continued to support the establishment of a bipartisan commission at the CFPB to provide greater transparency, accountability, and long-term stability at the bureau. We thank Rep. Blaine Luetkemeyer for the reintroduction of this important legislation," said NAFCU President and CEO Dan Berger.
NAFCU noted it has long advocated that the Bureau's leadership structure should be reformed to a commission-based model and has also offered support for bringing it under congressional appropriations oversight.
Luetkemeyer previously introduced legislation to reform the CFPB's governance in March of 2020.