WASHINGTON—Seven trade organizations have issued a statement in support of the Financial Product Safety Commission Act of 2015 (H.R. 1266), which is scheduled for mark-up by the House Financial Services Committee today.
H.R. 1266 would replace the CFPB director post with a bipartisan commission.
NAFCU, CUNA, the American Bankers Association, American Land Title Association, Consumer Bankers Association, Financial Services Roundtable, and the Independent Community Bankers of America issued the following statement in support of the bill:
“A bipartisan commission would provide a balanced, fair, deliberative approach to supervision, regulation, and enforcement. Like we see at the SEC and other independent federal agencies, consumers will gain access to robust debate, giving them an opportunity to better inform themselves and strengthen consumer choice. And it will offer a stable form of leadership that would preserve the Bureau’s role regardless of which political party is in the White House. We strongly support the bipartisan effort to advance the Financial Product Safety Commission Act of 2015 and look forward to working with members on both sides of the aisle to see it reaches President Obama’s desk.”