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Monday, February 4, 2013

Sen. Moran Introduces CFPB Commission Bill, Sen. Portman Urges Cordray’s Cooperation

Senate Banking Committee member Jerry Moran (R-Kan.) introduced a bill (S. 205) that would replace the CFPB’s director with a five-member commission. The legislation also would subject the CFPB to the same congressional appropriations process that most federal agencies undergo. Moran introduced an identical bill in the previous Congress.

Read more.

Meanwhile, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said on Jan. 25 that his panel also would advance legislation to reform the CFPB’s structure.

In related news, Sen. Rob Portman (R-Ohio) on Friday asked CFPB Director Richard Cordray to support Republican demands for structural changes in the bureau.
I ... ask for your commitment to work toward some basic accountability reforms of the bureau, the merits of which you and I have discussed on several occasions.
Portman noted that the Obama administration’s refusal to consider CFPB structural changes has resulted in an impasse on Cordray's nomination, as evidenced in a letter 43 senators sent to Obama on Friday.

Read Portman’s letter.

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