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Thursday, November 21, 2013

CFPB Reform Bills Approved

The House Financial Services Committee (HFSC) completed work this morning on six bills to make various reforms to the Consumer Financial Protection Bureau (CFPB).  The panel approved an ABA-supported bill (H.R. 3193) to change the voting standard established for the Financial Stability Oversight Council (FSOC) from the two-thirds majority vote currently required to a simple majority vote.

The Committee also approved legislation (H.R. 2446) that would replace the Director with a five-person commission.  The bill was amended to state that one of the five members would be the Fed Vice Chairman for Supervision. 

In addition, the Committee approved bills to establish the CFPB as an independent agency by subjecting it to the annual appropriations process (H.R. 3519), and to address the collection of consumer information and the issuing of annual information disclosure reports (H.R. 3183 and H.R. 2571).
Learn more from the HFSC.

If you would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.