House Determined to Rein in CFPB

HousingWire tells a House of Representatives subcommittee will hold hearings on three bills that could impact the Consumer Financial Protection Bureau (CFPB). Although the bill the Republican-controlled House passed in July 2011 to replace the director with a five-member commission will not likely pass in the Democrat-controlled Senate, the House subcommittee will consider the following: H.R. 1355 would move funding for the CFPB from the Federal Reserve to the Treasury Department where it will be subject to congressional financial oversight; H.R. 2081 would remove the CFPB director from the Federal Deposit Insurance Corporation (FDIC); and H.R. 3871 would prevent the CFPB from disclosing privileged information received from financial institutions. “The reforms we seek are common sense measures that will ensure the bureau fulfills its consumer protection mission while being accountable for its actions and use of resources,” said House Financial Services Committee Chair Rep. Spencer Bachus, R-Ala.

(Photo credit: U.S. Capitol/Wikipedia)

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