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Bill Introduced to Change CFPB Leadership Structure
Monday, March 9, 2015 6:30 AM

A bill that would broaden the leadership structure of the Consumer Financial Protection Bureau (CFPB) was introduced Wednesday by Rep. Randy Neugebauer (R-TX). The Financial Product Safety Commission Act (H.R. 1266) would change the CPFB leadership from a single director to a five-person board.

Under H.R. 1266, the members would be appointed by the president and confirmed by the Senate. The commission would be split 3-2 along political parties, with members serving five-year staggered terms.

According to the bill's text, the commission members must "have strong competencies and experiences related to consumer financial products and services."

Wally Murray, president/CEO of Greater Nevada CU, Carson City, Nevada, testified last month on behalf of CUNA during a Senate Banking Committee hearing, "Expanding the bureau's executive leadership to a five-person board will ensure that more voices contribute to the bureau's rulemaking and it could help produce regulations that better balance the important mission of the bureau and the impact the regulations have on the way products and services are provided to consumers."

Neugebauer is the current chair of the House Financial Services financial institutions and consumer credit subcommittee, and he will be addressing CUNA's 2015 Governmental Affairs Conference Monday. The bill, which has 20 co-sponsors, would also rename the CFPB the Financial Product Safety Commission.