Senate Bill Would Transform the Consumer Financial Protection Bureau into a Five-Member Board

A recently introduced bill, sponsored by Senator Deb Fischer (R-NE), would transform the Consumer Financial Protection Bureau (CFPB) into a five-member board. The CFPB is currently headed by a single director who is removable by the President for cause. The D.C. Circuit recently ruled that this structure was unconstitutional and that the director was subject to removal at will. That decision is currently on appeal.

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