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Monday, September 30, 2013

House Members Introduce Bills Targeting CFPB Practices and Oversight

Last week House Republicans introduced four bills that address CFPB funding, oversight and practices. Lynn Westmoreland (R-GA03) introduced H.R. 3183 and Sean Duffy (R-WI07) introduced H.R. 3192, H.R. 3193 and H.R. 3194.

H.R. 3183: requires the CFPB to provide consumers with free annual disclosure on information collected. Rep. Lynn Westmoreland introduced this legislation in response to the CFPB's data-monitoring program. The bill would allow "an individual to request a copy of all the information the CFPB has collected on them once every 12 months." Westmoreland's Press Release. Read H.R. 3183.

H.R. 3192: subjects the CFPB to the congressional appropriations process. Rep. Sean Duffy introduced this bill that would require the CFPB to go through the same funding process as other federal agencies. Currently, the CFPB is primarily funded through the Federal Reserve System. Learn more about H.R. 3192

H.R. 3193: also introduced by Rep. Sean Duffy this bill would give the Financial Stability Oversight Council (FSOC) greater oversight of CFPB Regulations. Learn more about H.R. 3193

H.R. 3194: also introduced by Rep. Sean Duffy, the bill targets CFPB's interpretations of federal consumer financial laws.  The bill would "amend [Dodd-Frank] to remove certain special deference provided by courts to the [CFPB] when the Bureau is interpreting provisions of a federal consumer financial law." Learn more about H.R. 3194