Sen. Deb Fisher (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the Consumer Financial Protection Bureau (CFPB). CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said 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 1 of the 5 members of the board to serve as board chair, and board members would each serve staggered 5-year terms. No more than 3 members would be from the same political party.
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