On March 14th one of Georgia’s Congressmen helped introduce a bill to create a bipartisan, five-member commission to lead the Consumer Financial Protection Bureau. Reps. Dennis Ross (R-FL), Kyrsten Sinema (D-AZ), Ann Wagner (R-MO) and from Georgia, U.S. Rep. David Scott (D-13) introduced the Financial Product Safety Commission Act of 2018 (H.R. 5266) to help provide more oversight into the actions of the CFPB. The bill is consistent with one of the primary goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulations.
Under H.R. 5266, the president would appoint, subject to Senate confirmation, five individuals who have strong competencies and experiences in consumer financial products and services to serve on the commission for staggered five-year terms. Our thanks to the Georgia Congressman for his leadership on this issue, and for listening to the credit union concerns expressed during the GAC Hike the Hill a few weeks ago!
