If CFPB Needs a Commission, Why Shouldn’t the OCC?

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Cornelius Hurley, School of Law, Center for Finance, Law & Policy

Republicans continue to call for the CFPB to adopt a five-person board instead of having a single director, but similar calls are almost never heard regarding the OCC…

Expert quote:

“Look at the Fed — they have seven governors with 14-year terms. They were charged with enforcing all of the consumer laws except for FTC’s piece, and they absolutely fell asleep at the switch because of their dominance by one chairman, Alan Greenspan. This idea that turning either the CFPB or the OCC into a commission is automatically going to make them more efficient regulators just doesn’t hold a lot of water.”

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