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Banking, credit union trades champion CFPB restructure
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Banking, Consumer Protection
Thursday, December 8, 2016
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The argument for converting the Consumer Financial Protection Bureau (CFPB) to a multi-member board from a single director bureau recently received joint support from four key associations, representing more than 12,000 banks and credit unions throughout the U.S.
That support came in the form of a letter to Senate Majority Leader Mitch McConnell (R-KY) and newly elected Senate Minority Leader Chuck Schumer (D-NY), issued by the Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America, and National Association of Federal Credit Unions. The letter urges the 115th Congress to pass legislation to create a five-person, bipartisan board to govern CFPB, among other suggested regulatory improvements.
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