In a letter to U.S. Representative Blaine Luetkemeyer, R-Mo., On August 6, ACA International continued its support for a change in the leadership structure of the Consumer Financial Protection Bureau.
Luetkemeyer, a leading member of the House Subcommittee on Consumer Protection and Financial Institutions, is seeking to replace CFPB’s one-director leadership structure with a bipartite commission of five members.
“The ACA supports your recently introduced legislation to replace the single director post at CFPB with a bipartite committee,” CEO Mark Neeb said in the letter. “The regulatory certainty that comes from a commission rather than a single administrator benefits the entire financial services market and consumers. “
The ACA has advocated for similar legislation from the 116th Congress and continues to support the installation of bipartisan leadership, similar to the Federal Trade Commission and Federal Communications Commission, in the office.
“The ACA is also urging the Senate to introduce similar legislation. ACA members would benefit from certainty in the leadership of the office through the establishment of a bipartisan commission, ”said Neeb. “This certainty would also provide more clarity on CFPB priorities, including more specific timelines for rule-making efforts and a better understanding of compliance expectations.”
Luetkemeyer’s legislation is co-signed by each Republican member of the House Financial Services Committee.
“The office is constantly used as political football because of the almost limitless power of its director. Allowing one person to exercise such uncontrolled authority over our economy is irresponsible and bordering on negligence, which is precisely why many financial regulators are governed by a commission, ”Luetkemeyer said in a statement. Press release. “The CFPB is currently overseen by a single interim director who continues to make major and partisan political decisions as he sees fit. The need for a bipartite commission has never been clearer.
“My bill provides for increased accountability and transparency so that the American people can trust the CFPB to do its job without political motivation,” he said.
The full text of the bill is available here.