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AEA and Dozens of National Financial Institutions Joined in Support of Restructuring the CFPB

Wednesday, June 28, 2017  
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AEA joined together last week with dozens of national financial institutions in support of restructuring the CFPB into a five-person bipartisan commission.

June 22, 2017

Dear Chairman Capito, Chairman Graves, Ranking Member Coons and Ranking Member Quigley:

The undersigned trade associations representing thousands of banks, credit unions, financial institutions, and businesses of all sizes that serve America’s consumers write to express our strong support for the inclusion in the Senate and House Financial Services & General Government (FSGG) Subcommittee FY2018 bills, language that would transition the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five person bipartisan commission.

A Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders. The current single director structure leads to regulatory uncertainty and instability for consumers, industry, and the economy, leaving vital consumer financial protection subject to dramatic political shifts with each changing presidential administration. Moreover, a commission is the traditional and customary structure for the regulators of our nation’s depository institutions.

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