WASHINGTON—CUNA and NAFCU have joined with several organizations to support bill H.R. 4773 from Rep. Blaine Luetkemeyer (R-MO), which would replace the director of the Consumer Financial Protection Bureau with a bipartisan five-member commission.
The five-person commission has been a long-time issue for both CU trade groups.
“A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders. The current single director structure leads to uncertainty as administrations transition,” the organizations wrote.
“The American people recognize the benefit of having certainty and stability from a bipartisan commission at the CFPB,” the letter continues. “A Morning Consult poll shows that by a margin of three to one, registered voters in eight states 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.”
The Bureau’s prior director, Kathy Kraninger, resigned Jan. 20 at the request of President Joe Biden, who named Dave Uejio acting director and nominated Rohit Chopra as the next director.