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Thursday, April 23, 2015

White House Would Veto CFPB Advisory Board Act

The White House released a statement conveying that, if President Barack Obama were presented with House-passed H.R. 1195, he would veto the bill. H.R. 1195 would direct the CFPB to establish advisory councils for community banks, credit unions, and small businesses to advise and consult with the CFPB. The Administration does not oppose the bill as originally reported, but opposes the amendments to the bill which would reduce the cap on the total amount of funding that could be requested by the Director for the CFPB for FYs 2020 and 2025.

The Administration does not find the creation of additional advisory committees to be necessary because the CFPB already conducts “significant stakeholder outreach.” Furthermore, the release states:

As the CFPB's funding is already capped under law and only increased in line with increases in the Federal Government's employment cost index, this lower cap is solely intended to impede the CFPB's ability to carry out its mission of protecting consumers in the financial markets.

Read the Statement of Administration Policy.

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