Treasury Report Recommends Restructuring of CFPB

Press Release

A new report from the U.S. Department of the Treasury regarding our country's financial regulatory system recommends structural changes to the Consumer Financial Protection Bureau (CFPB). The report suggests divesting authority from the CFPB's single director and setting up a "multi-member commission or board." U.S. Senator Deb Fischer's (R-Neb.) legislation, known as the Consumer Financial Protection Board Act, would make the recommended structural changes to the CFPB.

"This new report from the U.S. Treasury confirms what I have been saying for years: structural adjustments are needed at the CFPB. By following through on the Treasury's recommendations and enacting my Consumer Financial Protection Board Act, we can transition agency leadership from one single director to a bipartisan multi-member board. Fixing the bureau's flawed design, will allow for more transparent and accountable regulatory process," said Fischer.

Fischer's Consumer Financial Protection Board Act would replace the Director of the CFPB with a bipartisan board of directors comprised of five individuals. Senator Fischer reintroduced the bill in January. Click here for more details on the legislation.

Additional Background:

In October 2016, the U.S. Court of Appeals for the D.C. Circuit ruled the structure of the CFPB unconstitutional. The ruling cited, in part, how the bureau functions under a single director instead of a multi-member board.

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