NAFCU Journal November December 2021

28 THE NAFCU JOURNAL November–December 2021 Ranking Member Luetkemeyer, R-Mo. What do you see as your role as Ranking Member of the House Financial Services Consumer Protection and Financial Institutions Subcommittee? This subcommittee has jurisdiction over all federal banking regulatory agencies, including the Federal Reserve, FDIC, OCC and the CFPB. We examine the chartering, branching and mergers and acqui- sitions of financial institutions, consumer credit and access to financial services among other items. While some of my colleagues see our committee as the overseers of American financial institutions and investors, our true role is to oversee govern- ment agencies on behalf of the American people. As the Ranking Member on the subcommittee, it is my job through proper oversight to ensure financial institutions have the ability to continue working with their customers, provide their com- munities the credit they need to prosper and serve as the foundation of economic growth. How important is bipartisanship to passing legislation? More often than not, when legislation is written and passed in a purely partisan manner, it is politics, not sound policy, that is the driving force behind it. Sensible policy that helps our economy and benefits American families typically enjoys bipartisan support. Even the best legislation is rarely passed unanimously in Congress, but if a bill, like President Biden’s $3.5 trillion package, only enjoys bipartisan opposition you have to question who stands to benefit. Credit unions are committed to bettering their communities and the people they serve. How important are credit unions to you and your constituents? According to the Missouri Division of Credit Unions, there are 92 state-chartered credit unions in Missouri with assets exceeding $19 billion and approximately 1.5 million members. The credit unions in my state play vital roles in Missouri communities. They foster economic growth and provide affordable access to credit for their mem- bers. That impact is not unique to Missouri. You can find credit unions in states and towns across the country committed to helping their commu- nities grow. What is one thing you would want credit union leaders to know about you? I’ve been in your shoes. I operated a community bank for over 30 years. Like most credit unions, community banks are committed to supporting the local community, helping families achieve financial stability and giving small businesses the opportunity to grow. It’s not an easy job, but it’s crucial to the success of our friends and neighbors. You’ve been a leader on trying to establish a commission governance structure at the Consumer Financial Protection Bureau, a key priority for NAFCU. Why do you think this is an important change? Do you think this is a change that can ultimately be enacted? The CFPB is constantly being used as a political football because of how much power the director is given. Most financial regulators are governed by a commission for this very reason. Giving one sin- gle person such unchecked power over the Amer- ican economy is incredibly irresponsible—verging on negligence. By creating a five-person, bipartisan commission, it would take politics out of the equa- tion and allow the CFPB to responsibly regulate in a more transparent, accountable fashion. There is bipartisan support for moving to a commission structure. However, it will take new leadership in the House and on the Financial Services Committee before it is achieved. Once we have leadership that does not prioritize the power of government and ability to attack industry, sen- sible reforms can be made.