ARLINGTON, Va.—NAFCU Vice President of Legislative Affairs Brad Thaler has sent a letter to House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Randy Neugebauer (R-TX) supporting legislation he introduced which changes the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a single director to a five-member commission appointed by the president. Members of the House Financial Services Committee were copied on the letter.
"A five-person commission has distinct consumer benefits over a single director," Thaler said in the letter to Neugebauer. "Regardless of how qualified one person may be, a commission would allow multiple perspectives and robust discussion of consumer protection issues throughout the decision making process."
“Credit unions and their 100 million members are greatly impacted by the actions of the CFPB and believe the operating structure of the CFPB should be as fair and transparent as possible,” Thaler added.