WASHINGTON, D.C. -

As the Consumer Financial Protection Bureau issued another issued a request for information (RFI) — this time about its adopted regulations and new rulemaking authorities — associations strongly endorsed legislation introduced in the House of Representatives this week that would establish a Senate-confirmed, bipartisan commission at the CFPB.

A five-member body that would oversee the bureau is the foundation of H.R. 5266, which was introduced by Rep. Dennis Ross, a Florida Republican and Rep. Kyrsten Sinema, an Arizona Democrat.

During negotiations on the Dodd-Frank Act, the Consumer Bankers Association (CBA) recollected that then-House Financial Services Committee chairman Barney Frank (D-Mass.) originally drafted legislation, which Democrats supported, creating the CFPB as a bipartisan board.

Now more than five years later, H.R. 5266 is working its way through Capitol Hill as a measure also and cosponsored by Rep. David Scott (D-Ga.) and Ann Wagner (R-Mo.).

“It is beyond comprehension to give a single director nearly unilateral authority over every consumer and financial institution in the country. We applaud this bipartisan solution establishing a Senate-confirmed, bipartisan commission — like nearly all other regulatory agencies in the country — to bring greater stability and balance to the CFPB,” CBA president and chief executive officer Richard Hunt said.

“A commission prevents the regulatory pendulum from swinging wildly back-and-forth every time a new person sits in the Oval Office and will help ensure the CFPB fulfills its mission of consumer protection,” Hunt continued.

“We thank representatives Ross, Sinema, Scott and Wagner for their leadership on this important issue and acting CFPB director Mulvaney for bringing the CFPB back in line with its Congressional mandate,” Hunt went on to say.

Along with Hunt, the president and CEO of the National Association of Federally-Insured Credit Unions (NAFCU) applauded the action.

“NAFCU has long advocated for a commission structure at the CFPB to provide long term continuity and stability,” Dan Berger said. “A commission allows for input from differing views to form strong public policy. Until that point, we appreciate working with acting director (Mick) Mulvaney and note his continued support of the credit union industry.”

As lawmakers debate how the agency should operate, the CFPB is continuing on with its business with its latest RFI.

The bureau is seeking comments and information from interested parties to assist the Bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act. This is the eighth in a series of RFIs announced as part of Mulvaney’s call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers.

“This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address the bureau’s inherited regulations and inherited rulemaking authorities, and will be issued next week,” the agency said.

The RFI on adopted rules is available here.

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on approximately March 19. The RFI will be open for comment for 90 days.

The bureau anticipates issuing RFIs on the following topics in the coming weeks:

— Inherited rules
— Guidance and implementation support
— Consumer education
— Consumer inquiries