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
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.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes over 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.