Newsroom

NAFCU President and CEO Dan Berger and Associate Director of Legislative Affairs Allyson Browning met with Senate Appropriations Subcommittee Chairman Shelley Moore Capito, R-W.Va., Thursday on the need for the CFPB to have a five-person commission.

Capito chairs the Subcommittee on Financial Services and General Government, which has jurisdiction over the Treasury Department, the White House and the NCUA's Central Liquidity Facility and Community Development Revolving Loan Fund.

During the meeting, Berger and Browning advocated for a change to the CFPB's structure from a single director to a five-person commission. In a recent editorial, Berger wrote that a five-person commission at the bureau would cut down the "avalanche of regulation" coming from the CFPB and would "create an environment where more voices could weigh in on the bureau's efforts to protect consumers."

On Thursday, Berger also met with Sen. Jerry Moran, R-Kan., to discuss the same issue.

NAFCU was the only financial services trade association to oppose subjecting credit unions to CFPB authority under the Dodd-Frank Act.