The Independent Community Bankers of America (ICBA) has written a letter to House Financial Services Committee Chairman Spencer Bachus (R-AL) supporting his Responsible Consumer Financial Protection Regulations Act.

The act would restructure the new Consumer Financial Protection Bureau so that it is governed by a five member commission rather than a single director. Commissioners would be confirmed by the Senate to staggered, five-year terms, and no more than three commissioners would be affiliated with any one political party.

“The new CFPB will have far reaching discretion in writing rules for all banks, including those exempt from primary CFPB examination, as well as non-bank financial services providers,” ICBA wrote. “A commission form of governance would allow for a variety of views on issues before the Bureau and thus build in a system of checks and balances that a single director form of governance simply can’t do. The commission model, which has worked well for the FDIC, SEC, and FTC, would help ensure that the actions of the CFPB are measured, non-partisan and result in balanced, high quality rules and effective consumer protection.”

ICBA sent a copy of its letter to the chairmen and ranking minority members of the Financial Services Committee and each of its subcommittees.