Group of associations advocates for leadership change at the bureau in letter to Congress.
3/13/2020 9:00
ACA International is working to advance legislation that would replace the director position at the Consumer Financial Protection Bureau with a five-member bipartisan commission, which was introduced by U.S. Rep. Blaine Luetkemeyer, R-Mo.
The latest advocacy effort for the legislation includes a letter to Luetkemeyer’s office and the House Financial Services Committee from organizations supporting the “Consumer Financial Protection Commission Act of 2020,” introduced earlier this month.
Luetkemeyer, ranking member of the House Subcommittee on Consumer Protection and Financial Institutions, introduced the bill while the U.S. Supreme Court is debating a case also focused on the bureau’s leadership structure, Seila Law v. Consumer Financial Protection Bureau. Republicans on the House Financial Services Committee, where Luetkemeyer also serves, are co-sponsors of the bill, ACA previously reported.
“In light of the recent oral arguments heard by the U.S. Supreme Court in Seila Law v. the Consumer Financial Protection Bureau, we believe your legislation is the appropriate and sensible remedy that will bring long term stability to the bureau,” the letter states. “In addition to safeguarding the CFPB from executive and political interference, a Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders.”
ACA continues to support legislation to implement a commission leadership structure at the bureau and increase its accountability and transparency, including Luetkemeyer’s proposal.