12/08/2016

Plan for Prosperity

ICBA, Coalition Urge Congress to Pass CFPB Commission Structure

ICBA and a coalition of other financial trade groups urged Congress to pass legislation creating a five-member bipartisan commission to head the Consumer Financial Protection Bureau. The letter to Senate leaders said the bureau’s single-director structure creates regulatory uncertainty, whereas a commission would promote more effective and non-partisan regulation.

“A five-member commission would allow for more diverse views and expertise on issues before the agency, ensuring more balanced regulatory oversight and consumer protection,” ICBA President and CEO Cam Fine said.

Replacing the CFPB’s single-director governance with a five-member commission is a provision in ICBA’s Plan for Prosperity that the House passed in July. ICBA also supports an October court ruling in PHH v. CFPB that the single-director structure is unconstitutional. Read Joint Letter. Read More.