“The Financial Services Roundtable applauds Richard Cordray’s leadership at the CFPB so far,” said Tim Pawlenty, president and chief executive of the Financial Services Roundtable.
“To date, Director Cordray has worked with stakeholders in a constructive manner. We support his confirmation in conjunction with needed changes to the structure and funding of the CFPB,” Pawlenty said.
Those structural reforms include subjecting the Bureau to the congressional appropriations process. The CFPB currently is funded independently by the Federal Reserve Board, which transferred its consumer regulatory authority over to the bureau in July 2011.
Senate Banking Committee Republicans also want a five-member commission to govern the CFPB instead of a single director.
Meanwhile, GOP senators are blocking Cordray’s confirmation until the White House agrees to the structural reforms. But Senate Democrats don’t view them as reforms. They view them as a way to neutralize the bureau and reduce its funding.
The Roundtable issued the CFPB statement after a meeting of its board of directors.
“Our members strongly believe the CFPB should operate under a more democratic structure, with a board instead of a single director, as well as be subject to a more accountable system of funding,” the Roundtable chief executive said.