Congress is discussing whether or not to change the leadership of the CFPB from one person, (a Director) to a Commission, similar to the governing body of the Federal Communications Commission, the Federal Election Commission and other government bodies that create regulations impacting American industry.
Opponents to this measure include a number of Democrats, and one of the architects of the CFPB, Senator Elizabeth Warren (D-Massachusetts). (Payments Source December 3, 2015.) The CFPB, which has promulgated restrictions impacting the Payments Industry, is unique in many ways. First of all, the Director is a five year Political appointee, who can only be removed "for cause." Funding for the CFPB cones directly from the Federal Reserve, not Congressional appropriations, which typically fund government agencies. Since the CFPB is not subject to the usual checks and balances of say, the Federal Trade Commission and the Commodity Futures Trading Commission, the only way for Congress to exercise any influence over the actions taken by the CFPB is through legislating mandates specifically affecting the agency. (US News June 30, 2015)
Despite having passed the House Financial Services Committee, there is little reason to believe that the move to a five member board from the current structure will happen any time soon. The ETA and dedicated legal professionals like Arnall Golden Gregory, P.C> in Atlanta continue to criticize the perceived aim that the CFPB is taking at the Payments industry, holding processors to the same standards as the merchants whom they service. (ElectranOrg November 30, 2015).