On May 13th, the House Financial Services Committee approved three bills concerning the Consumer Financial Protection Bureau ("CFPB"):
- H.R. 1121, which establishes a five-member, bipartisan commission to lead the CFPB.
- H.R. 1315, which provides that the Financial Stability Oversight Council ("FSOC") must set aside any CFPB regulation when a majority of the FSOC's members find that the regulation is inconsistent with the safe and sound operations of U.S. financial institutions.
- H.R. 1667, which requires that a Senate-confirmed Director of the CFPB be in place before the transfer of regulatory authority to the new bureau.