How Would a Consumer Financial Protection Commission Differ From the CFPB?

by Jeff Sovern

According to a report in HousingWire, a CompassPoint report concludes the following:

“Our channel checks estimate that shifting the CFPB’s governance from a directorship to a commission would double the bureau’s already elongated rulemaking timeline, cut its enforcement activity by 50% to 75%, and result in a far greater importance being placed on supervision,” Compass Point’s analysts noted.

No wonder the industry wants a commission; delays in rulemaking and substantial cuts in the enforcement actions that have already recovered more than $11 billion for more than 25 million consumers.

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