The Financial Services Roundtable recently urged Congress to confirm CFPB Director Richard Cordray and approve structural changes to the agency.
“Financial service companies and regulators share the goal of serving and protecting consumers, while ensuring financial products are available and affordable in a vibrant marketplace,” Tim Pawlenty, the president and CEO of the Financial Services Roundtable, said, according to National Mortgage Professional. “The CFPB will play a key role in achieving that goal. The Financial Services Roundtable applauds Richard Cordray’s leadership at the CFPB so far. We salute his dedication to consumers and commend his many accomplishments. To date, Director Cordray has worked with stakeholders in a constructive manner. We support his confirmation in conjunction with needed changes to the structure and funding of the CFPB.”
The roundtable organization represents 100 of the biggest financial services firms. Member companies participate via elected senior executives nominated by the organization’s CEO.
“Our members strongly believe the CFPB should operate under a more democratic structure, with a board instead of a single director, as well as be subject to a more accountable system of funding,” Pawlenty said, National Mortgage Professional reports.
Critics of the agency have said that the CFPB and its director have over-expansive power with little oversight. Some have called for key structural changes to be made to the agency, including Cordray’s replacement with a bipartisan, five-member commission and the placement of the agency’s budget under the congressional appropriations process.
Sen. Chuck Grassley (R-Iowa) also recently introduced a measure that would establish an independent inspector general at the CFPB to increase oversight and accountability.