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Thursday, March 5, 2015

Bill Would Replace CFPB Director with Bipartisan Commission

Rep. Randy Neugebauer (R-Texas) introduced a bill that would replace the CFPB with a bipartisan, five-member commission, similar to other financial regulatory agencies. In introducing H.R. 1266, Neugebauer pointed out that House Democrats’ original financial reform bill included a board structure for the consumer protection agency.

ABA and several other trade groups welcomed the legislation. They said:
We believe that a five-member commission, as Congress originally intended, will better balance consumer access to financial products with the need to ensure a fair marketplace. A commission would serve as a source of balance and stability for consumers and the financial services industry by encouraging internal debate and deliberation, ultimately leading to increased transparency.

Read the joint letter.

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