The House passed H.R. 3193, a CFPB reform package that 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 Financial Stability Oversight Council from two-thirds to simple majority.
The reform package combined several ABA-advocated bills passed by the Financial Services Committee in November 2013. The bill passed 232-182 but is not expected to advance in the Senate.
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 ABA's memo in support.