Luetkemeyer Files Legislation to Reform CFPB

Congressman Blaine Luetkemeyer is sponsoring three bills that seek to reform the Consumer Financial Protection Bureau. Luetkemeyer said the legislation replaces the director with a bipartisan commission, establishes an independent inspector general at the bureau and removes the director from the board for the Federal Deposit Insurance Corporation.

• The Consumer Financial Protection Commission Act would change the CFPB to an independent bipartisan commission that would be composed of five members appointed by the president, with confirmation by the Senate. Each commission member, including the chair, would serve for five years.
• Currently there is one inspector general office for both the Federal Reserve and CFPB. The Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 would establish an independent inspector general office specifically for the CFPB.
• The FDIC Board Accountability Act would designate the CPFB director to serve on the FDIC board as a nonvoting member and would place term limits on board members’ years of service.

“We have seen firsthand what can happen when an agency is under the sole direction of one individual, especially the blatant attacks against the banking community by CFPB Director Rohit Chopra,” said MBA President Jackson Hataway. “We thank Congressman Luetkemeyer for his leadership in sponsoring these much-needed bills to reform the CFPB.”

During a House Financial Services subcommittee hearing today analyzing the CFPB’s regulatory policies, Luetkemeyer and committee members questioned CFPB officials about its policies and oversight.