President Likely to Veto CFPB Restucture, According to Compliance Expert

Obama would most likely veto a bill that seeks to replace Richard Cordray, the Consumer Financial Protection Bureau‘s current director, with a commission, Terry O’Laughlin, director of compliance for Reynolds & Reynolds, said while presenting at the 2015 NVLA conference Thursday.

O’Laughlin — who also refered to the CFPB as the “brain child of Senator Warren” –was referring to a bill submitted to Congress by Rep. Randy Neugebauer (R-Texas), chairman of the financial services subcommittee on financial institutions and consumer credit, in early March. At the time, Neugebauer called it the “first of several bills.” aimed at replacing the CFPB’s director position with a “bipartisan, five-member commission appointed by the president.

“That’s how democracy should work,” O’Laughlin said when asked about the likelihood of the bill being successful, yet called the current structure of the bureau “Truly undemocratic and unfair.”

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