Consumer Financial Protection Bureau Will Be More Effective if Run By One Director Not a Five-Member Board According to Latest ABI Quick Poll
Consumer Financial Protection Bureau Will Be More Effective if Run By One Director Not a Five-Member Board According to Latest ABI Quick Poll
Contact: John Hartgen
703-894-5935
[email protected]
CONSUMER FINANCIAL PROTECTION BUREAU WILL BE MORE EFFECTIVE IF RUN BY ONE DIRECTOR, NOT A FIVE-MEMBER BOARD, ACCORDING TO LATEST ABI QUICK POLL
June 13, 2011, Alexandria, Va.— A majority of
respondents (60 percent) in a recent ABI Quick Poll thought that the new
Consumer Financial Protection Bureau (CFPB) will be more effective if
run by one director, as provided in the Dodd-Frank Act, than if run by a
five-member board, as proposed in pending legislation. Forty-seven
percent “strongly agreed” and 13 percent somewhat agreed
that one director should run the CFPB, not the proposed five-member
board.
Proposals have been introduced in the Republican-controlled House of
Representatives to water down some of the regulations passed by the
Dodd-Frank Act last year. Rep. Sean Duffy (R-Wis.) introduced H.R. 1315,
the 'Consumer Financial Protection Safety and Soundness Improvement Act
of 2011,' to amend the Dodd-Frank Act to create a five-member board to
lead the CFPB, rather than the current one director. The bill passed out
of the House Financial Services Committee and is now up for a vote
before the full House, but its prospects in the Democrat-controlled
Senate are unfavorable.
Thirty-two percent of respondents did not think that the CFPB would be
more effective if run by one director rather than the proposed
five-member board; 29 percent disagreed strongly, and 5 percent
disagreed somewhat. Three percent did not know or had no opinion on the
poll question.
ABI’s Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and
the public are invited to respond to a question on a timely bankruptcy
or insolvency issue. Visit http://www.abiworld.net/quickpoll/
to access the results of previous ABI Quick Polls.
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dedicated to research and education on matters related to insolvency.
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