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NAFCU, with 21 other trade associations, urged subcommittee leaders under the House and Senate Appropriations Committees on Thursday to include language in their fiscal 2018 spending bills that would transition the governance structure of the 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 letter stated. "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."

The trades also cited a recent Morning Consult poll, which showed that by a margin of three to one, registered voters noted support for a bipartisan commission governing the bureau instead of a sole director.

"Last Congress, the House FSGG Subcommittee included CFPB commission language in the FY2017 bill text, and we strongly support similar language being included in the FY2018 Senate and House Appropriations Bills," the letter concluded.

Thursday's letter was sent to Senate Financial Services and General Government Subcommittee Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Chris Coons, D-Del., and House Financial Services and General Government Subcommittee Chairman Tom Graves, R-Ga., and Ranking Member Mike Quigley, D-Ill. Leaders of the full House and Senate Appropriations Committees also received a copy of the letter.