Bipartisan Group Introduces Bill to Rename CFPB, Replace Director With 5-Person Commission

A bipartisan group of two Democrats and two Republicans in the House of Representatives introduced a bill yesterday that would replace the single director of the Consumer Financial Protection Bureau with a five-person commission.

The bill, from Reps. Dennis Ross (R-Fla.), David Scott (D-Ga.), Kyrsten Sinema (D-Ariz.), and Ann Wagner (R-Mo.), would rename the CFPB to the Financial Product Safety Commission and replace its director with a bipartisan panel.

The commissioners would be appointed by the president — with the consent of the Senate — but the president can remove a member for “inefficiency, neglect of duty, or malfeasance,” according to the proposed bill. No more than three commissioners can be from the same political party.

Sign up for our Email list

Sign Up