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Financial Services Law Insights and Observations

GOP Senators Introduce Bill to Create Five-member Board of Directors at CFPB

Federal Issues FDIC Consumer Finance CFPB SEC CFTC

Federal Issues

Last week, Sens. Deb Fischer (R-Neb.), Ron Johnson (R-Wis.) and John Barrasso (R-Wyo.) introduced a bill (S. 105) that would amend the Consumer Financial Protection Act of 2010 to replace the CFPB’s current single director with a bipartisan, five-member board. The proposed leadership structure would be similar to that of other financial regulators, including the FDIC, SEC and CFTC.