On a bipartisan vote of 241 to 173, the House of Representatives approved legislation to bring accountability, transparency, and oversight to the Consumer Financial Protection Bureau (CFPB).
The Dodd-Frank Act, signed into law a year ago, established the CFPB as an independent bureau within the Federal Reserve. Under Dodd-Frank, the CFPB is run by a single director who has… Read more »
The Financial Services Committee, chaired by Rep. Spencer Bachus, approved legislation to bring transparency to the FDIC’s bank closure process and procedures. H.R. 2056, authored by Rep. Lynn Westmoreland, requires the FDIC Inspector General to study issues raised by the recent rash of bank failures since 2008. The legislation was approved by a voice vote.
Chairman Bachus said, “As… Read more »
Financial Services Committee Chairman Spencer Bachus issued the following statement in response to a press conference held by Democrats on Wednesday about legislation the House will consider on Thursday to bring needed accountability to the Consumer Financial Protection Bureau (CFPB):
“It is amazing that suddenly the Democrats believe placing the CFPB under the direction of a… Read more »
Financial Services Committee Chairman Spencer Bachus made the following statement concerning today's Subcommittee hearing on legislative proposals regarding bank examination practices.
"Every member of Congress has heard the concerns of small business owners and bankers about overzealous regulators.
"No one wants regulators to allow unsafe practices, but no one wants regulators… Read more »
The Consumer Financial Protection Bureau (the government bureaucracy that’s supposed to “nudge” you to make decisions about your life that it deems are correct) doesn’t start operating until July 21. The President still has not even nominated someone to lead the agency yet. But it does have an office softball team and it is hiring at a rate of more than 80 new government… Read more »
Two Financial Services subcommittees will hold a joint hearing on Thursday, July 7 to review the role of Federal regulators in the ongoing mortgage servicing settlement negotiations and the development of new mortgage servicing standards. Witnesses will include regulators from the Office of the Comptroller of the Currency, the FDIC, and the Consumer Financial Protection Bureau, and… Read more »
The leadership of the Financial Services Committee and the Oversight and Government Reform Committee continue to express concerns about a lack of transparency and accountability at the new Consumer Financial Protection Bureau (CFPB). Leaders of these two House committees on Monday sent a letter to Treasury Secretary Timothy Geithner requesting documents reflecting coordination… Read more »
When President Obama signed the Dodd-Frank Act into law last summer, he set in motion the most ambitious changes to financial institution regulation since the Great Depression. The supporters of Dodd-Frank held out the promise that by increasing government control over the economy to an unprecedented degree, the Act would “end too big to fail” and “protect the American taxpayer by… Read more »
Continuing the Committee’s focus on promoting job creation, improving the economy and reforming the nation’s housing system, Financial Services Committee Chairman Spencer Bachus announced the planned Committee schedule for the remainder of June.
From the start of the 112th Congress, under Chairman Bachus’ leadership, the Committee has focused on promoting policies that… Read more »
By: Rep. Spencer Bachus
May 27, 2011
Because the Dodd-Frank Act places so much authority — with so little accountability — in the hands of the director of the new Consumer Financial Protection Bureau, the law requires that this administrator be nominated by the… Read more »
