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House Approves Accountability Bill for Consumer Protection Bureau
Jul 21, 2011
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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 Fede...
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Bill To Review Impact of Bank Examination Practices on Economic Recovery Approved By Committee
Jul 20, 2011
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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 failure...
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Chairman Bachus Responds to Democrat Criticism of CFPB Accountability Bill
Jul 20, 2011
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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...
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Chairman Bachus Says Community Bankers And Small Businesses Need Relief From Regulatory Burdens That Impede New Jobs
Jul 8, 2011
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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....
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The Era of Big Government is Over…NOT!
Jul 7, 2011
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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 offic...
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Joint Hearing To Examine Mortgage Servicing Negotiations
Jul 6, 2011
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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 Comp...
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House Committees, Still Concerned About Transparency at CFPB, Ask Again For Documents On Bureau’s Role In Mortgage Settlement Negotiations
Jun 21, 2011
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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 T...
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And the answer is “no”
Jun 14, 2011
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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 unprecedente...
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Bachus: Weak Job Report Underscores Importance Of Committee’s Work
Jun 3, 2011
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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 B...
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ICYMI: Bachus in Politico: No recess appointment for CFPB head
May 27, 2011
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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 president and confirmed by the Senate...
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