ALTA, Trade Groups Support Bill to Create CFPB Bipartisan Leadership Structure
August 24, 2021
ALTA joined 27 other trade groups in a letter to Rep. Blaine Luetkemeyer (R-Mo.) expressing support for H.R. 4773, the Consumer Financial Protection Commission Act.
The bill would replace the Consumer Financial Protection Bureau’s (CFPB) single director structure with a five-person, bipartisan commission. The bill is like bipartisan legislation previously introduced in Congress and supported by the financial services industry.
“A Senate-confirmed, 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 administrations transition,” the groups said. “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.”
In 2017, ALTA commissioned a poll showing that most Americans support converting the CFPB's leadership to a bipartisan commission. Morning Consult found that three in five voters said a commission would lead to consumer protections that are fairer, more accountable, more representative and more transparent. The poll, which found that just 14 percent said the CFPB should keep its current structure, shows that consumers support structural changes at the bureau.
Contact ALTA at 202-296-3671 or communications@alta.org.