ShareOn April 9, 2018, NAR signed onto a joint trades letter in support of H.R. 5266, the "Product Safety Commission Act of 2018," a bill that would transition the leadership structure at the Consumer Finance Protection Bureau (CFPB) from a sole director to a bipartisan commission.
Due to its critical mission of consumer protection related to financial products and services, the CFPB's authority is too important and vast to be controlled by a single individual. With every new presidential administration, rules, guidance, and other decisions made by a sole director at the CFPB may be unendingly overturned by each new director. This creates enormous regulatory uncertainty for financial services and real estate industries, which ultimately harms consumers, small businesses, and the overall economy.
A bipartisan commission at the CFPB would strengthen the governance of the CFPB, prevent it from becoming a political football, allow for a diverse set of voices regardless of who sits in the White House, and ensure its longevity.
NAR sent its own letter of support for H.R. 5266 prior to signing onto the coalition letter. Additionally, NAR continues to have meetings with key lawmakers, urging passage of this important legislation.