WASHINGTON—NAFCU has sent a letter to the House stating its support for language in the FY 2017 Financial Services & General Government Appropriations Bill that would replace the sole director of the CFPB with a bipartisan five-person commission.
In a letter to the House Appropriations Subcommittee on Financial Services & General Government, NAFCU Vice President of Legislative Affairs Brad Thaler said the five-person commission “represents a shift back to the leadership structure originally proposed for the agency. Such a move would help improve CFPB rulemaking by ensuring debate and discussion about proposals that can incorporate multiple viewpoints.
“While NAFCU maintains that credit unions should be exempt from all aspects of the CFPB, changing the structure of the commission and adding congressional oversight could make a meaningful difference for NAFCU members,” continued Thaler.
Thaler added that the “cumulative and overlapping regulatory burden credit unions face is immense and anything that could be done to streamline regulations has the potential to bring significant relief. That is why we also support additional congressional oversight of the CFPB by subjecting the Bureau to annual appropriations process.”