WASHINGTON (2/28/14)--In a 232-182 vote, the U.S. House passed The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 3193), which provides greater authority to the Financial Stability Oversight Council (FSOC) to stay or set aside rules promulgated by the CFPB if they would have an adverse impact on the safe and sound operations of financial institutions.
The bill lowers this voting threshold from the current 2/3 vote requirement of the council to a majority vote in order to take this action.
The Credit Union National Association has called the bill a step in the right direction because it would help to assure credit unions--and other entities--already subject to considerable regulation are not unnecessarily burdened.
The bill also requires the CFPB to take into consideration the impact of its rules on insured depository institutions, change the bureau's leadership structure from a single director to a five-member panel, and make some operational changes.