Group Pushing CFPB “Reform” Run by Ex-Rep. Who Took $1.43 Million from CFPB-Regulated Industries
Credit Union National Association Wants to Transform Consumer Bureau Into a Commission
The Credit Union National Association, a financial services trade group, is encouraging Sen. Sherrod Brown (D-OH) to abandon his support for the Consumer Financial Protection Bureau (CFPB) and instead support a “commission to replace the bureau’s independent director.” [Lorraine Woellert, “Credit Unions Ask Brown to Rethink CFPB Commission,” Politico PRO, February 7, 2017.]
But Experts and Consumer Groups Agree That Transforming the CFPB into a Commission Would Cripple It
Experts and consumer groups have opposed previous attempts to transform the CFPB into a commission, saying such a move would “hobble the CFPB” and push the it into “gridlock and inaction.” [Testimony of Adam J. Levitin, Assoc. Prof. of Law, Georgeown University Law Center, Before the Subcomm. on Financial Institutions and Consumer Credit of the House Financial Services Committee, 112th Cong., April 6, 2011; and Letter from AFL-CIO, AFSCME, et. al., to Representatives in the 112th Congress, “H.R. 1121 (Bachus) and H.R. 1315 (Duffy) Would Handcuff Consumer Financial Protection Bureau and Give Discredited Banking Regulators Vast Power to Block Needed Protections,” May 3, 2011, Consumerfed.org website, accessed February 6, 2017.]
Group Pushing “Reform” Is Run by Ex-Congressman Who Took $1.43 Million From Industries Now Regulated by the CFPB
Former Congressman Jim Nussle (R-IA) is the president and chief executive officer of Credit Union National Association. Before losing a campaign for Iowa Governor in 2006, Nussle was a member of Congress from 1991-2007. During his time in Congress, Nussle received $1,436,239 from industries now regulated by the CFPB. [Jim Nussle Biography, Credit Union National Association website, accessed February 7, 2017; and “Rep. Jim Nussle, Sector Totals,” Center for Responsive Politics website, accessed February 7, 2017.]