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Cmte Financial Services (R)
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Subcommittee to Examine CFPB Oversight and Accountability Bills


Washington, Feb 6 -

Members of the Financial Services Committee continue advancing reforms that will bring much-needed accountability and oversight to the Consumer Financial Protection Bureau, a massive new government bureaucracy created by the Dodd-Frank Act.

On Wednesday, the Financial Institutions and Consumer Credit Subcommittee will hold a hearing on three CFPB reform bills.  Last year, the House approved other CFPB reforms that originated in the Committee.

“No Member of Congress opposes robust consumer protections, but many of us object to the structure of the CFPB.  It was designed in a way to avoid transparency and oversight, and it gives unprecedented and wide-ranging powers to a single individual,” said Chairman Spencer Bachus.  “The reforms we seek are common sense measures that will ensure the bureau fulfills its consumer protection mission while being accountable for its actions and use of resources.”

Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito said, “The questions surrounding the recent recess appointment of the CFPB director raise important questions about the unique placement of the bureau within the Federal Reserve.   Two of the bills before the Financial Institutions and Consumer Credit Subcommittee this week will address members concerns about the funding structure of the bureau and certain responsibilities of the CFPB director.    The third bill will address concerns that have been raised about the confidentiality of information shared with the bureau and whether or not the current legal protections match up with other banking regulators.”

The Subcommittee hearing will discuss the following three reform bills:

The Subcommittee hearing will take place on Wednesday, February 8 at 10 a.m. in room 2128 Rayburn.

In July, the House approved other reforms to the CFPB.  That legislation, which included placing the CFPB under the management of a five-member bipartisan commission, passed the House on a bipartisan vote of 241-173.