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Thursday, June 12, 2014

House Panel Passes ABA-Supported Bills

The House Financial Services Committee voted — mostly along party lines — to pass several ABA-backed bills that would reform the CFPB. Among them are measures that would reform the Consumer Financial Civil Penalty Fund (passed 31-27), create an independent inspector general for the CFPB (39-20), require transparency in CFPB research (32-27) and require a notice-and-comment period prior to CFPB guidance being issued (35-24).

Read ABA’s memo in support.

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