--- title: "Banking Associations Call for Changes to CFPB Structure" id: "36180" type: "post" slug: "banking-associations-call-for-changes-to-cfpb-structure" published_at: "2016-12-09T02:10:01+00:00" modified_at: "2026-11-09T16:46:33+00:00" url: "https://associationsnow.com/2016/12/09/banking-associations-call-for-changes-to-cfpb-structure/" markdown_url: "https://associationsnow.com/2016/12/09/banking-associations-call-for-changes-to-cfpb-structure.md" excerpt: "In a letter to leaders of the Senate, the heads of four banking-industry associations pushed for changes to the Consumer Financial Protection Bureau, replacing the single-leader structure with a bipartisan committee. The push comes months after an appeals court court..." taxonomy_category: - "Governance" taxonomy_post_tag: - "AssociationsNow" - "Business" - "DC government" - "Financial Data" - "Regulations" taxonomy_content_format: - "Article" taxonomy_role: - "Association CEO / Executive Director" - "Executive Team" taxonomy_persona: - "Executive Leadership" --- [Home](https://associationsnow.com/) » [Articles](https://associationsnow.com/format/article/) » Banking Associations Call for Changes to CFPB Structure The leadership structure of one of the more controversial federal government agencies, launched during the Obama administration, could change significantly after President-elect Donald Trump takes office. Among those pushing for changes to the Consumer Financial Protection Bureau (CFPB) is a group of banking associations. On Wednesday, a coalition of trade groups sent a letter to Senate leaders calling for a governance restructuring that it says would boost accountability. The approach, [according to a Reuters report (opens in a new tab)](http://www.nytimes.com/reuters/2016/12/07/business/07reuters-usa-banks-cfpb.html?_r=0) , would implement a bipartisan commission of appointed officials, like the one that governs the Federal Communications Commission. “The current single-director structure leads to regulatory uncertainty for consumers, industry, and the economy. In contrast, a Senate-confirmed, bipartisan board or commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement over financial institutions that is more in keeping with other financial regulators,” [the letter (opens in a new tab)](http://consumerbankers.com/sites/default/files/Commission115CongressLetter.pdf) [PDF]—signed by presidents of the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions—stated. A governing commission has been suggested in the past—including by a federal appeals court, which ruled in October that the CFPB’s structure is unconstitutional because it gives too much power to a single individual, who may be removed only with cause. The U.S. Court of Appeals for the District of Columbia [held that the agency should be restructured (opens in a new tab)](https://www.washingtonpost.com/news/get-there/wp/2016/10/11/federal-appeals-court-rules-the-structure-of-cfpb-is-unconstitutional/?utm_term=.670b2ef2d9eb) to allow the president to remove the CFPB director at any time. The plan to restructure was included by House Republicans in their continuing resolution bill. [The Senate version (opens in a new tab)](http://www.cutimes.com/2016/12/08/cfpb-changes-omitted-from-final-spending-bill) did not include the changes, effectively tabling the issue until the new president is sworn in. The proposal remains controversial. On Wednesday, [Morning Consult reported (opens in a new tab)](https://morningconsult.com/2016/12/07/schumer-opposes-effort-change-cfpb-structure/) that incoming Senate Minority Leader Chuck Schumer is unwilling to consider governance changes to the CFPB. If a political fight does take place, it won’t be the first involving the CFPB: The agency has been at the center of much political tumult, [with the approval process for its first director, Richard Cordray](http://associationsnow.com/2013/07/senate-appointee-deal-skips-nuclear-option-gives-breathing-room/) , stalled for more than two years and caught up in a controversy over recess appointments. (Ted Eytan/Flickr) [Ernie Smith](https://associationsnow.com/author/ernie-smith/) Ernie Smith is a former senior editor for Associations Now. 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