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CFPB Bill Consistent with Regulatory Relief Campaign
Wednesday, February 1, 2017 6:35 AM

Sen. Deb Fisher (R-Neb.) introduced a bill Tuesday that would make a number of changes to the Consumer Financial Protection Bureau. Credit Union National Association Chief Advocacy Officer Ryan Donovan said the bill would benefit credit unions and consumers. 

“We thank Sen. Fisher for recognizing the need for structural changes at the CFPB, changes that will ultimately benefit the consumer,” Donovan said. “This legislation would bring a needed set of voices to consumer protection field, and ensure the bureau serves as a source of balance and stability for consumers and the financial services industry by encouraging internal debate and deliberation, ultimately leading to increased transparency.”

Specifically, Fisher’s bill would replace the director of the CFPB with a bipartisan board of directors comprised of five individuals, with each board member appointed by the president and confirmed by the Senate.

The president would appoint one of the five members of the board to serve as chairman, and board members would each serve staggered 5-year terms. No more than three members would be from the same political party. The legislation would take effect on the date three persons have been confirmed by the Senate to serve as members of the board of directors.

CUNA’s Campaign for Common-Sense Regulation, launched earlier this year, has a five-person CFPB board as one of its primary goals.