WASHINGTON--Wednesday, the Senate rejected a series of Congressional Review Act resolutions that would have restored CFPB final rules issued under the previous administration dealing with overdraft programs, medical debt and the Military Lending Act.
Ahead of the Senate action, America’s Credit Unions expressed concerns over the “increased uncertainty” returning to these rules would create and urged the Senate to reject them.
The association proffered that a better way to ensure continuity of rulemakings would be a statutory change to create a bipartisan five-person commission established by law to lead the bureau that would offer “distinct consumer benefits over a single director who can change” with a new administration.
“Credit unions have already seen this regulatory whiplash as Bureau directors have flipped back and forth, changing policies between Administrations of different parties since the Bureau’s inception,” the letter reads. “Regardless of how qualified one person may be, a commission would ideally allow multiple perspectives and robust discussion of consumer protection issues throughout the decision-making process. Additionally, a bipartisan commission helps ensure some continuity of expertise and bipartisan input in rulemaking.”