ALTA Supports Bill to Create CFPB Commission
April 17, 2018
ALTA joined 22 other financial services and housing groups supporting a bipartisan bill that would transition the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a sole di-rector to a commission.
The Financial Product Safety Commission Act (H.R. 5266) was introduced by U.S. Reps. Dennis Ross (R-Fla.), Kyrsten Sinema (D-Ariz.), Ann Wagner (R-Mo.) and David Scott (D-Ga.).
The letter states that bipartisan commission will provide a balanced and deliberative approach to supervision, regulation and enforcement by encouraging input from all stakeholders.
“The current single director structure leads to uncertainty as we have witnessed in the recent transition in CFPB leadership from the Obama Administration to the Trump Administration,” the groups wrote in the letter. “This uncertainty is not only borne by financial institutions providing significant lending services, but it negatively impacts America’s consumers, small businesses, and our local economies. Dramatic shifts in the CFPB’s philosophy and approach with each change in presidential administration make it difficult for lenders and small businesses to plan for the future.”
Last year, ALTA commissioned a poll showing that most Americans support converting the CFPB's leadership to a bipartisan commission.
Contact ALTA at 202-296-3671 or communications@alta.org.