Sens. Deb Fischer (R-Neb.), Ron Johnson (R-Wis.) and John Barrasso (R-Wyo.) on Wednesday introduced a bill (S. 105) that would replace the Consumer Financial Protection Bureau’s single director with a bipartisan, five-member board — similar to other financial regulators, including the Federal Reserve, the FDIC, the Securities and Exchange Commission and the Commodity Futures Trading Commision.
ABA has long supported this approach to reforming the CFPB in order to bring much-needed accountability and diversity of viewpoints. CFPB reform is a key element of ABA’s 2017 Blueprint for Growth.