Last week, the Republican-controlled House Financial Services Committee passed H.R. 1266, the Financial Product Safety Commission Act of 2015, which would replace the CFPB’s sole director with a bipartisan, five-member commission. In the run-up to the vote, a number of industry groups came out in support of such a bipartisan leadership structure for the bureau, noting in an op-ed in The Hill newspaper that then-professor Elizabeth Warren and the Obama administration both envisioned a pro-consumer regulatory agency with just such a commission. And in a letter to the committee leadership, a number of the groups made that same point while also noting such a commission leadership structure had the support of two key Democrats during the passage of the Dodd-Frank ...