Congress Stalling Implementation of the CFPB

HousingWire reports that Congressional Republicans have passed three bills out of subcommittee that will alter the role of the Consumer Protection Financial Bureau (CFPB) in its dealings with lenders.  One of the proposals would replace the single director with a five member commission, legislation the American Bankers Association (ABA) supports.  The second one would allow the Financial Stability Oversight Council (FSOC) to overturn rules made by the CFPB.  The third bill would prevent the agency from beginning its work until the Senate confirmed the director.  Under the Dodd-Frank Act, CFPB is supposed to launch July 2.  However, with just over two months to go, no one has been nominated.  Since the new agency will develop rules that govern consumer lending for the entire banking industry, Senate Republicans want to block the confirmation until banking regulators have the power to overturn CFPB rules.  A recess appointment could be made by the president, which would allow the director to serve for 18 months.

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