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News Now

Washington
CFPB Bills Passed By Financial Services Committee
WASHINGTON (11/22/13)--Six bills that would usher in Consumer Financial Protection Bureau reforms were passed by the House Financial Services Committee on Thursday.

Bills approved by the committee and supported by the Credit Union National Association include:
  • The Responsible Consumer Financial Protection Regulations Act (H.R. 2446), which would replace CFPB Director Richard Cordray with a five-member commission;
  • The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 3193), which would authorize the Financial Stability Oversight Council to stay or set aside any CFPB regulation that is found to be inconsistent with safe and sound operations of financial institutions. The bill would also require the CFPB to take into consideration the impact of its rules on insured depository institutions;
  • The Consumer Right to Financial Privacy Act (H.R. 2571), which would prohibit the CFPB from requesting, accessing, collecting, using, retaining or disclosing nonpublic personal information about a consumer unless proper disclosures are provided to the consumer;
  • H.R. 3183, which would require the CFPB to provide at a consumer's request one free annual report disclosing all of the information about the consumer held by the CFPB; and
  • The Bureau of Consumer Financial Protection Accountability and Transparency Act (H.R. 3519), which would subject CFPB funding to congressional appropriations.
The CFPB Pay Fairness Act of 2013 (H.R. 2385) was also approved.


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