What are the Policy Issues? Did You Know? The Consumer Financial Protection Bureau (CFPB) is led by a single director, appointed by the President and confirmed by the Senate. CUNA has long supported a commission to head the Bureau that includes someone with credit union experience. Regulations issued by the CFPB can only be stopped by a 2/3 vote of the Financial Stability Oversight Council. The CFPB does not need to disclose to consumers how information about them is used and to whom it is shared. The CFPB is not under the Congressional appropriations process. Our Ask: Support legislation to reform the CFPB: H.R. 2446, the Responsible Consumer Financial Protections Regulations Act of 2013; H.R. 3193, the Consumer Financial Protection Safety and Soundness Improvement Act; H.R. 2571, the Consumer Right to Financial Privacy Act; H.R. 3183, a bill to provide consumers with a free annual disclosure of information the CFPB maintains on them; and, H.R. 3519, the Bureau of Consumer Financial Protection Accountability and Transparency Act.
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Leadership of the CFPB: The CFPB is currently led by a single director, appointed by the President and confirmed by the Senate. The CFPB should be led by a five-person commission so long as one of those individuals has experience related to credit unions (H.R. 2446). Powers of the Financial Stability Oversight Council (FSOC): The FSOC can, under current law, stay or set aside regulations passed by the Bureau that are inconsistent with safe and sound operations of a financial institution by a 2/3 vote. CUNA advocates lowering this to a simple majority threshold (H.R. 3519).
Prepared by CUNA Legislative Affairs
February 2014