US bank lobby presses for consumer watchdog changes

Washington

BANK lobbying groups are pressing the US Senate to once again work on reforming the country's consumer financial watchdog agency - but this time around they may see those changes become reality.

In a letter to Senate leaders released on Wednesday, the groups, including the Consumer Bankers Association and the Credit Union National Association, called for legislation to change the leadership of the Consumer Financial Protection Bureau from a single director to a five-member commission, which they say would make the agency more accountable.