CFPB Common Legislation
On March 5, 2020, HFSC member Blaine Luetkemeyer (R-MO) introduced NAFCU-supported H.R. 6116, the Consumer Financial Protection Commission Act of 2020. H.R. 6116 would change CFPB's governance structure from a single director to a bipartisan five-person commission, appointed by the President. Members would serve five-year terms and removed without cause. On March 13, NAFCU joined trade associations representing banks, credit unions, financial institutions, and businesses in a letter of support for H.R. 6116. NAFCU has long supported a bipartisan commission at the CFPB to provide for more open debate, diversity of thought, and a stable leadership structure.