Rep. Randy Neugebauer made a strong case for restructuring the CFPB's leadership at NAFCU's Congressional Caucus in Washington. Photo: NAFCU/Kevin Dietsch

WASHINGTON – Federal legislators from both parties and both houses of Congress told attendees of NAFCU’s 2015 Congressional Caucus that they remain determined to replace CFPB Director Richard Cordray with an independent board of directors and make the CFPB an independent commission.

Rep. Randy Neugebauer (R-Texas) drew open laughter from the assembled industry executives when he recounted how he had brought Rep. Maxine Waters (D-Calif.), the highest-ranking Democrat on the House Financial Services Committee, around to the idea.

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