A handful of industry groups representing banks and credit unions wrote to Senate leaders recently, making the case for switching the leadership structure of the CFPB from a single director to a multi-member commission, which was how the bureau was initially envisioned by early advocates such as Elizabeth Warren, then an adviser to President Obama. In a letter to Senate Majority Leader Mitch McConnell, R-KY, and Minority Leader-elect Chuck Schumer, D-NY, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions urged lawmakers to pass legislation to create a five-person, bipartisan board to govern the bureau. “The CFPB is an independent regulatory agency that provides the sole ...