Republicans continue to call for the CFPB to adopt a five-person board instead of having a single director. Similar calls are almost never heard regarding the Office of the Comptroller of the Currency.
That's why Sen. Mike Crapo's suggestion that the OCC should be restructured and headed by a commission, rather than a single director, came as such a big surprise. The Idaho Republican and GOP leader of the Senate Banking Committee voiced support for the board change which has further sparked debate among financial industry observers.
"I really believe we should have the kind of operations like you see with the SEC, where they operate with a board," Crapo said. "First of all, it brings in additional points of view, but it also requires the collaboration from different perspectives that helps you get to the right solution, rather than just having one individual be able to dictate the entire activity."
"Whether that is enough to give way to a concrete proposal for change at the OCC remains to be seen. The agency has operated under a single director since 1863, and there is no history of serious calls for changing the OCC's leadership structure," writes American Banker's Victoria Finkle.
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