July 29, 2021

Rep. Luetkemeyer reintroduces NAFCU-supported CFPB commission bill

CapitolHouse Financial Services Committee Member Blaine Luetkemeyer, R-Mo., Wednesday reintroduced NAFCU-supported legislation that would reform the CFPB's governance structure from a single director to a five-member bipartisan commission.

“NAFCU has continued to support the establishment of a bipartisan commission at the CFPB to provide greater transparency, accountability, and long-term stability at the bureau. We thank Rep. Blaine Luetkemeyer for the reintroduction of this important legislation," said NAFCU President and CEO Dan Berger.

NAFCU has long advocated that the bureau's leadership structure should be reformed to a commission-based model, and has also offered support for bringing it under congressional appropriations oversight. Luetkemeyer previously introduced legislation to reform the CFPB's governance in March of 2020; NAFCU joined with 18 trade associations to voice support for the bill.

NAFCU will continue to support and advocate for legislative efforts to reform the CFPB’s structure.