House Republicans Push Through CFPB Reform Bill

Law360, New York (February 27, 2014, 7:39 PM EST) -- Over widespread Democratic opposition, the Republican-controlled U.S. House of Representatives passed a bill Wednesday to overhaul the Consumer Financial Protection Bureau by replacing its single director with a five-member board, limiting its access to consumer data and putting its funding in the hands of Congress.

H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, passed in a 232-182 vote Thursday evening, after the House considered a number of proposed amendments, adopting several.

The vote was split mostly along party lines, with Democratic lawmakers speaking out...
To view the full article, register now.