Rep. Senators want to Alter CFPB

The Manufactured Housing Institute (MHI) informs MHProNews Sen. Jerry Moran (R-Kan.) introduced legislation to replace the Consumer Financial Protection Bureau (CFPB) director with a five-member commission, and make it accountable to the same appropriations as most other federal agencies. House Financial Services Committee Chairman Jen Hensarling (R-TX) indicated that the panel would also be working to advance similar legislation during the 113th Congress, especially since there is legal maneuvering questioning the legality of Richard Cordray’s recess appointment as head of CFPB. Additionally, Senate Minority Leader Mitch McConnell (R-Ken.) and 42 other Republican Senators sent a letter to President Obama indicating they intend block the confirmation of any nominee to head the CFPB until the structure of the agency is altered.

(Image credit: Consumer Financial Protection Bureau)

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