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House Financial Services Committee Chairman Steps Up Plans to Overhaul CFPB

Home Latest News
April 26, 2017
Reading Time: 1 min read
House Financial Services Committee Chairman Steps Up Plans to Overhaul CFPB

West Facade of the US Capitol Building, Washington DC, USA. American flag, steps, green trees and vivid blue sky with clouds are in the image.

A memo recently obtained by the media provides insight into the fate of the Consumer Financial Protection Bureau (CFPB), outlining House Financial Services Committee Chairman Jeb Hensarling’s new, “aggressive” plans to overhaul the agency and Dodd-Frank.

The plans, unconfirmed by the Committee (at press time), are a step up from those laid out by the Financial CHOICE Act, intended to “off-ramp” Dodd-Frank and passed by the Committee in the fall, according to CNBC. One of the more visible changes would be the installment of a “political appointee” to lead the agency—a pivot from the bill’s original proposal of a five-member commission. As reported by CNBC:

The bill would turn the head of the consumer watchdog agency into a political appointee who can be dismissed at will rather than the director of an independent agency.

The new plans would also remove the CFPB’s authority to pursue legal action against financial institutions, and consumer complaint databases.

Other provisions of Dodd-Frank are referenced in the memo, as well, including the oversight of “living wills,” a requirement that banks have contingency plans in the event of another financial crisis. The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve currently manage living wills; the new plans would remove the FDIC from the post. Earlier this month, President Trump signed an executive order supporting the refurbishment of Dodd-Frank as determined by the CHOICE Act.

Stay tuned to RISMedia.com for more developments.

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Tags: CFPBCNBCDodd-FrankFinancial CHOICE ActHouse Financial Services CommitteeJeb HensarlingTrump
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Beth McGuire

Beth McGuire

Recently promoted to Vice President, Online Editorial, Beth McGuire oversees the editorial direction and content of RISMedia’s websites, and its daily, weekly and monthly newsletters. Through her two decades with the company, she has also contributed her range of editorial and creative skills to the company’s publications, content marketing platforms, events and more.

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