ABA urged House members to support a CFPB reform bill, H.R. 3193, that combines several ABA-advocated bills passed by the Financial Services Committee in November 2013.
The bill would replace the CFPB director with a bipartisan five-member commission, fund the CFPB through congressional appropriations, address the CFPB’s collection of consumer financial data and change the voting standard for the FSOC from two-thirds to simple majority.
Each of these provisions, ABA said, would enhance accountability for the bureau and introduce appropriate checks and balances in the exercise of its authority.
Read the letter.