Recently, Rep. Bill Huizenga (R-MI), Vice Chair of the House Committee on Financial Services, introduced H.R. 3445, a proposal to amend the CFPA and restructure the CFPB into an independent agency governed by a bipartisan commission.
Under the proposed legislation, the CFPB would become a five-member commission, with commissioners appointed by the president subject to Senate confirmation and serving staggered five-year terms. There would be a limit of three commissioners permitted from the same political party. Under the proposed bill, the commissioners would be removable in cases of “inefficiency, neglect of duty, or malfeasance in office.” The bill proposes specific requirements for the commission, including that at least two members must have private sector experience in consumer financial products and services, and one member must have previously served as a state bank supervisor. The Chair of the commission, designated by the president, would also serve as the principal executive officer over the CFPB with executive authority over personnel, business distribution, and fund expenditure. The bill has been referred to the House Committee on Financial Services.
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