23 Financial Industry Groups Urge Adoption of Bipartisan Commission to Run CFPB

Last week 23 trade associations signed a joint letter to both houses of Congress, urging them to adopt a 5-member bipartisan commission governance structure for the Consumer Financial Protection Bureau, rather than the current single-Director. The following is a copy of the letter:

June 22, 2017 

Dear Chairman Capito, Chairman Graves, Ranking Member Coons and Ranking Member Quigley: 

The undersigned trade associations representing thousands of banks, credit unions, financial institutions, and businesses of all sizes that serve America’s consumers write to express our strong support for the inclusion in the Senate and House Financial Services & General Government (FSGG) Subcommittee FY2018 bills, language that would transition the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five person bipartisan commission.  

A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders. The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration. Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions. 

Importantly, the American people are supportive of a bipartisan commission at the CFPB.  A recent Morning Consult poll shows that by a margin of three to one, registered voters 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. 

Last Congress, the House FSGG Subcommittee included CFPB commission language in the FY2017 bill text, and we strongly support similar language being included in the FY2018 Senate and House Appropriations Bills.  We look forward to working with the Committees and the 115^th Congress to pass this much needed bipartisan legislation. 

Sincerely,

ACA International

American Bankers Association

American Escrow Association

American Financial Services Association

American Land Title Association

Community Mortgage Lenders of America

Consumer Bankers Association

Consumer Data Industry Association

Consumer Mortgage Coalition

Credit Union National Association

Electronic Funds Transfer Associations

Electronic Transactions Association

Financial Services Roundtable

Independent Community Bankers of America

Mortgage Bankers Association

National Association of Federally-Insured Credit Unions

National Association of Independent Housing Professionals

National Association of Realtors

National Black Chamber of Commerce

National Federation of Independent Business

Real Estate Services Providers Council, Inc. (RESPRO)

Small Business & Entrepreneurship Council

The Realty Alliance

Cc:

Senate Appropriations Chairman Thad Cochran

Senate Appropriations Ranking Member Patrick Leahy

House Appropriations Chairman Rodney Frelinghuysen

House Appropriations Ranking Member Nita Lowey