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Banking and credit union groups team up to call for a 5-person CFPB commission

The Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America and National Association of Federal Credit Unions called on the U.S. Congress to change the structure of the Consumer Financial Protection Bureau by creating a five-person, bipartisan board to head the agency.

In a Dec. 7 joint letter addressed to U.S. Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader-elect Chuck Schumer, D-N.Y., the groups said that the current structure with a single director "leads to regulatory uncertainty for consumers, industry, and the economy," referring to their proposed legislation as a "commonsense regulatory [improvement]." They added that a Senate-confirmed bipartisan board or commission will be more balanced and provide fairer regulatory enforcement.

In addition, the coalition asked Congress to repeal the rules that the CFPB has finalized, or is finalizing, such as those involving arbitration, small dollar, third-party debt collection and prepaid cards.