The American Land Title Association (ALTA) is lending support to the Financial Product Safety Commission Act of 2018, which replaces the Consumer Financial Protection Bureau’s (CFPB) sole director with a five-member commission.
“ALTA thanks Reps. Dennis A. Ross (R-FL), Kyrsten Sinema (D-AZ), Ann Wagner (R-MO) and David Scott (D-GA) for introducing this bill to create a more open, transparent and accessible regulator at the CFPB,” Michelle Korsmo, ALTA’s CEO, said. “The CFPB’s responsibility to protect consumers and authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director. A commission will drive collaboration between these parties that will ultimately benefit consumers and business.”
Korsmo said converting the CFPB to a bipartisan commission would make the agency like the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the National Credit Union Administration.
“We commissioned a poll last year with the Consumer Bankers Association and Independent Community Bankers of America that found 58 percent of registered voters in key battleground states believe the CFPB should be run by a bipartisan commission,” she said. “It’s hard to argue with that much support. We hope Congress listens to its constituents and helps give the CFPB the leadership structure it needs to achieve its goals of protecting consumers.”