Banks push to restructure financial regulator in must-pass spending bills

By Joseph Lawler

Published June 22, 2017 3:43pm ET

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Banks push to restructure financial regulator in must-pass spending bills — Today, CFPB is headed by a single director, Obama appointee Richard Cordray. Banks regulated by the bureau have chafed at Cordray's power to supervise them and write rules unilaterally. (Graeme Jennings/Washington Examiner) | (Graeme Jennings/Washington Examiner)

Banking groups are pushing for a major change to the leadership of the Consumer Financial Protection Bureau, and want it attached to must-pass government funding legislation.

A wide range of financial industry trade groups wrote to congressional appropriators Thursday and asked them to use government funding bills to change the agency to a five-member bipartisan commission.

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CFPB Finance Joseph Lawler Richard Cordray