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Tuesday, May 27, 2014

House Committee to Consider CFPB Reform Bills

The House Financial Services Committee will meet at 10 a.m. on Thursday to discuss and begin voting on several CFPB reform bills.

The bills include measures to create a separate CFPB inspector general, apply sunshine rules to CFPB advisory board meetings, create a small business advisory board within the bureau, require the CFPB to disclose data underlying its findings, create an opt-out mechanism for consumers who do not want the bureau to collect their data and require a notice-and-comment process for CFPB guidance.

The House panel will also consider a six-month moratorium on FSOC designations, a bill to increase transparency at the FSOC and subpoenas related to Justice Department settlements with financial institutions. The Senate will be in recess this week for Memorial Day.

Read more about the House markup.

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