AFSA Supports Commission Format for CFPB

The American Financial Services Association (AFSA) yesterday (June 18) joined several other trade associations that represent a wide swath of the American economy in a letter to Sen. Deb Fischer (R-NE) supporting her bill (S. 3990) that would transform the Consumer Financial Protection Bureau (CFPB) leadership structure. The bill would replace the existing single director with a five-member, bipartisan commission. 

“The financial services marketplace thrives in a stable regulatory environment,” the signatories wrote. “When regulatory stability is eroded by changing political dynamics, the consumer suffers from financial institutions’ inability to rely upon a consistent regulatory environment.”

AFSA has long sought a commission structure at the Bureau to bring fair and consistent oversight of the financial services industry, in the same manner as other federal regulatory bodies operate. 

“Members from both parties have long supported legislation to replace the single director model with a commission,” the letter continued. “In fact, bipartisan legislation establishing a CFPB commission has passed the House Financial Services Committee six times and passed the U.S. House of Representatives four times, with Democrats and Republicans voting in favor.”