House Banking Committee Passes CFPB Reform Bills

Law360, New York (November 26, 2013, 4:44 PM EST) -- The House Financial Services Committee on Thursday passed a package of six bills designed to impose new guidelines on the Consumer Financial Protection Bureau, including one that would alter the leadership of the agency to a five-person commission.

The bills, all sponsored by Republicans, would change the agency’s Congressional oversight and employee pay structure, and add privacy restrictions. Many of the changes have been sought before, but met with no success.

“These are modest, common-sense bills that bring a modicum of accountability and transparency to the...
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