Date: November 19, 2013

Issue: Consumer Financial Protection Bureau

To: The Honorable Jeb Hensarling, Chairman & The Honorable Maxine Waters, Ranking Member, House Committee on Financial Services

Filing Type: Congressional Letter

Description: The House Financial Services Committee discussed and approved various legislative proposals to bring accountability and transparency to the Consumer Financial Protection Bureau. The Chamber sent a letter of support in advance of the mark-up. Below is a summary of the legislation.

·         H.R. 2446 would replace the single Director with a five-member bipartisan commission.

·         H.R. 3519 would subject the Bureau’s spending authority to the congressional appropriations process.

·         H.R. 3193 would ensure that the other financial regulators can overrule a CFPB action that could undermine safety and soundness. 

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