H.R. 5266 was introduced in the House by a group of bipartisan members (comprised to two democratic and two republican members) to modify the structure of CFPB, replacing the sole director with a five-person commission. While this Bill has received the praise from national banking and credit union organizations and will likely pass the House, it’s passage in the Senate is more questionable (a similar bill previously passed in the House only to later die in the Senate). Supporters of the bill suggest that a five-person commission would stabilize the Bureau and depoliticize its objectives, while opponents contend that a change in the structure will limit the Bureau’s ability to fulfill its purpose as provided in the Dodd-Frank Act. Click here for the full text of H.R. 5266 and to track its progress.