March 3, 2017

Legislation Introduced in the US Congress to Repeal and Reform the Consumer Financial Protection Bureau

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Shearman & Sterling LLP

H.R. 1018 was introduced in the US House of Representatives which would alter the current governance structure of the Bureau of Consumer Financial Protection. Like a comparable bill that was introduced in the US Senate (S. 105), H.R. 1018 would replace the role of director of the Bureau with a 5-person commission. Other notable provisions that members of the commission will serve staggered terms, and that no more than 3 members can be from a single political party.

On February 17, 2017, H.R. 1031 was introduced in the US House of Representatives which seeks to repeal the Bureau of Consumer Financial Protection. A corresponding version of the bill, which calls for the Bureau to be eliminated by repealing title X of Dodd-Frank, was introduced in the US Senate (S. 370).

View H.R. 1031.

View H.R. 1018.

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