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.