The Financial Institutions and Consumer Credit Subcommittee recently held hearings on the following bills concerning the CFPB:
- US H 3389–The “CFPB Slush Fund Elimination Act of 2013″ repeals the Consumer Financial Civil Penalty Fund and requires the CFPB to put penalty funds into the Treasury General Fund rather than keeping the money as a “slush fund.”
- US H 3770–The ”Bureau of Consumer Financial Protection-Inspector General Reform Act of 2013,” or the “CFPB-IG Act of 2013,” establishes a Inspector General for the CFPB and requires Senate confimation for such position.
- US H 4262–The “Bureau Advisory Commission Transparency Act” increases oversight of the CFPB by subjecting the bureau to the Federal Advisory Committee Act.
- US H 4383–The “Bureau of Consumer Financial Protection Small Business Advisory Board Act” creates a CFPB Small Business Advisory Board to consult with the bureau and provide information on emerging practices of small businesses.
- US H 4539–The “Bureau Research Transparency Act” requires the CFPB to reference all relied upon studies, data and other analyses when it publishes a research paper.
- US H 4604–The “CFPB Data Collection Security Act” requires the CFPB to create an opt-out list to permit consumers to opt out from CFPB’s data collection activities.
- US H 4662–The “Bureau Advisory Opinion Act” establishes a process for the provision of advisory opinions by the CFPB in response to a specific inquiry by a covered person concerning compliance. The advisory opinion must state whether or not the specified prospective conduct would, for purposes of bureau’s present enforcement policy, violate federal consumer financial law.
While some larger reform efforts seem to be on hold for now (i.e., replacing CFPB Director Richard Cordray with a commission), lawmakers continue to push myriad changes at the agency. Overall, the above cited bills are part of the newest push by CFPB critics to reform the bureau inside and out, either by increasing oversight, forcing the bureau to provide clear guidance or otherwise limiting the power of the CFPB.
Details may be found here: