House to hold full Committee markup

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The House Financial Services Committee will hold a markup this Tuesday, June 10. The full Committee will meet to discuss several bills, including some relating to the CFPB that were discussed at the Committee’s last hearing on “Legislative Proposals to Improve Transparency and Accountability at the CFPB.” The Committee will consider and mark up the following CFPB-related bills:

  • H.R. 3770, the CFPB-IG Act of 2013
  • H.R. 4262, the Bureau Advisory Commission Transparency Act
  • H.R. 4383, the Bureau of Consumer Financial Protection Small Business Advisory Board Act
  • H.R. 4539, the Bureau Research Transparency Act
  • H.R. 4604, the CFPB Data Collection Security Act
  • H.R. 4684, the Bureau Guidance Transparency Act
  • H.R. 3389, the CFPB Slush Fund Elimination Act
  • H.R. 4662, the Bureau Advisory Opinion Act
  • H.R. ____, the Bureau Examination Fairness Act (bill number to be determined)

American Banker opined that House Republicans are changing their tactics with respect to the CFPB, seeking piecemeal changes through various bills rather than attempting to get rid of the agency in one fell swoop. Democratic Committee members referred to this as “death by a thousand paper cuts” at the May 21 hearing on legislative proposals relating to the CFPB. They conceded that changes needed to be made, especially with respect to discrimination within the CFPB, but also resolved that the CFPB is here to stay. We look forward to hearing the full Committee discuss legislation that would increase the CFPB’s transparency and accountability, and we will be reporting on Tuesday’s hearing.

 


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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