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Thursday, November 21, 2013

CFPB REFORM BILLS APPROVED

The House Financial Services Committee completed work on six bills to make various reforms to the CFPB. The panel approved, by a vote of 32-25, an ABA-supported bill (H.R. 3193) to change the voting standard established for the FSOC from the two-thirds majority vote currently required to a simple majority vote.

The Committee also approved, by a vote of 31-21, legislation (H.R. 2446) that would replace the Director with a five-person commission. The bill was amended to state that one of the five members would be the Fed Vice Chairman for Supervision.

In addition, the Committee approved bills to establish the CFPB as an independent agency by subjecting it to the annual appropriations process, and to address the collection of consumer information and the issuing of annual information disclosure reports.

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