Three influential Senate Democrats on Tuesday said they oppose converting the Consumer Financial Protection Bureau into a bipartisan commission because it could bring the agency’s operations to a halt, MorningConsult.com reported yesterday. The remarks come amid concerns that President-elect Donald Trump will fire CFPB Director Richard Cordray. Senate Minority Leader Chuck Schumer (N.Y.), Banking Committee ranking member Sherrod Brown (Ohio) and Sen. Elizabeth Warren (Mass.) said that changing the agency’s structure would defeat the wishes of lawmakers who passed the 2010 Dodd-Frank Act and wanted the CFPB to stay strong and independent. For years, Republicans have pushed for a transition to a commission-based structure for the CFPB. Conservative lawmakers and CFPB critics also have argued that Democrats will eventually come around to the same point of view because they fear the impact of a single director appointed by a Republican president like Trump.
