PHOENIX –Legislationto change the CFPB into an independent commission and replaceits one director with a board may soon move out of the HouseFinancial Services Committee, according to CUNA Chief AdvocacyOfficer Ryan Donovan.
|Donovan shared the news at a Sept. 23 session during the CUNACommunity Credit Union and The Federation 2015 Annual Conferencesat the Sheraton Downtown. Roughly 260 credit union industryexecutives registered to attend all or part of the meeting, theorganization said.
|Donovan told attendees that the Obama Administration had gone onthe record as adamantly opposing the idea for some time, butrecently, officials appeared more open to the possibility.
|“I think they might be thinking of their legacy and they arealso thinking of the possibility that the next president might be aRepublican,” Donovan said.
|Change proponents have argued that moving from a singleexecutive structure to a commission structure would make the agency more stable and less subject to severepolitical change based on administrative changes.
|Donovan said there has been significant bipartisan support forthe measure among members of the House Financial ServicesCommittee, as well as discussions around funding.
|“The thing is, to do this it will cost the government somemoney,” Donovan said. “So there was some talk about how to pay forit, and we opposed a measure to have banks and credit unions payfor it.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
