A bill has been introduced in the House of Representatives by one of the contenders who sought to be chair of the House Financial Services Committee that would replace the leadership structure of the Consumer Financial Protection Bureau with a commission, among other changes.
Why it matters: The proposal, introduced by Rep. Bill Huizenga [R-Mich.], a longtime critic of the CFPB’s single-director structure, represents the latest in a series of efforts by Congressional Republicans to reshape the Bureau into a multi-member commission. The bill, H.R. 3445, would transform the Bureau from an independent bureau within the Federal Reserve into a fully independent agency governed by a five-member bipartisan commission.
The details: Under the Bureau of Consumer Financial Protection Commission Act, the CFPB would:
- Be led by five commissioners appointed by the President and confirmed by the Senate, with staggered five-year terms.
- Require that at least two commissioners have private sector experience in consumer financial services and at least one be a former state bank supervisor.
- Be limited to no more than three commissioners from the same political party.
- Have a Chair serving as the principal executive officer, responsible for day-to-day operations but subject to the commission’s general policy direction.
- Continue functioning even if vacancies occur, with quorum rules adapting based on the number of serving commissioners.
The bill also includes extensive conforming amendments across financial statutes to remove references to a single “Director” and replace them with language acknowledging the Bureau’s new commission-based structure.
Between the lines: Rep. Huizenga, who has previously chaired subcommittees overseeing the CFPB, has repeatedly signaled interest in reining in what he and other House Republicans see as unaccountable regulatory overreach. By requiring Senate-confirmed commissioners and bipartisan balance, the bill seeks to ensure greater transparency and limit the concentration of regulatory power in a single political appointee.
What’s next: The bill was referred to the House Financial Services Committee, where it may gain traction as Republican lawmakers continue their push to curb the CFPB’s authority. Even if passed by the House, it faces significant hurdles in the Democratic-controlled Senate.
