Oklahoma Bankers Association
OBA News and Information
Linked In Email News

Panel to advance CFPB reform bill

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said last Friday that his panel would once again advance legislation to reform the structure of the Consumer Financial Protection Bureau.

“At a bare minimum, the CFPB should be governed by a bipartisan commission -- which is how other federal agencies charged with consumer or investor protection operate,” Hensarling said in a statement. “And to ensure there is proper oversight of this massive bureaucracy, the CFPB should be subject to the same appropriations process as other agencies.

“The House passed similar legislation in the last session of Congress and our committee will once again advance a proposal to bring accountability and oversight to the CFPB,” he said.

The House in July 2011 passed legislation (H.R. 1315) that would have enabled the Financial Services Oversight Council to overrule a CFPB regulation with a simple majority vote, instead of the two-thirds vote required by current law. The bill, among other things, also would have replaced the CFPB director with a five-person commission.

The Democratic-controlled Senate didn't take up H.R. 1315, and President Obama said he would veto the measure if it reached his desk. Read Hensarling's statement.

Back to top