House committee approves six CFPB reform bills


The House Financial Services Committee has approved a series of six bills that would make structural and other changes to the CFPB. Unfortunately, this will probably amount to no more than a “feel good” exercise for House Republicans. Assuming the bills are passed by the House, they can be expected to meet with defeat in the Democratic-controlled Senate.

The bills consist of the following:

  • H.R. 3193-The Consumer Financial  Protection Safety and Soundness Improvement Act of 2013: The bill would amend Dodd-Frank to allow the Financial Stability Oversight Council to stay or set aside a CFPB regulation with a majority rather than a two-thirds vote.
  • H.R. 3183-The bill would amend Dodd-Frank to require the CFPB to give consumers, upon request, a free disclosure during any 12-month period of all information with respect to the consumer held by the CFPB, the sources of such information, and any person or other federal department or agency to which the CFPB has disclosed such information.
  • H.R. 2571-The Consumer Right to Privacy Act of 2013: The bill would amend Dodd-Frank to require the CFPB to notify and obtain permission from a consumer before collecting nonpublic personal information about such consumer. The bill would expressly make the requirement applicable to CFPB contractors collecting information on the CFPB’s behalf.
  • H.R. 2446-The Responsible Consumer Financial Protection Regulations Act of 2013: The bill would amend Dodd-Frank to replace the CFPB Director with a five-person commission.
  • H.R. 2385-The CFPB Pay Fairness Act of 2013: The bill would amend Dodd-Frank to set salaries for all  CFPB employees in accordance with the General Schedule classification and pay system. (Currently, the CFPB can base salaries on the Federal Reserve Board’s higher salary schedules.)
  • H.R. 3519-The Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013: The bill would amend Dodd-Frank to make the CFPB subject to the congressional appropriations process.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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