American Financial Services Association (AFSA) Statement
on CFPB Structure and Leadership
By Chris Stinebert
AFSA President & CEO
February 1, 2013
“New questions about the validity of CFPB Director Richard Cordray’s recess appointment have reintroduced uncertainty into the financial services marketplace. AFSA encourages Congress and the Obama administration to compromise on the Consumer Financial Protection Bureau’s (CFPB) structure and leadership so financial institutions can concentrate on providing consumers with affordable access to credit.
Specifically, AFSA supports three reforms:
1. Establishing a bipartisan commission, rather than a single director, to oversee the Consumer Financial Protection Bureau.
2. Subjecting the Bureau to robust Congressional oversight, similar to other federal regulators; and
3. Establishing a safety-and-soundness check for the prudential regulators.
If Congress changes the leadership structure from a single director to a bipartisan board, AFSA could endorse Richard Cordray for the commission’s chairman.”
Based in Washington, D.C., AFSA (www.afsaonline.org) is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 350 members include consumer and commercial finance companies, auto finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry partners.
# # #
AFSA Statement on CFPB Structure and Leadership