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Several bills supported by NAFCU that would, among other things, subject CFPB to the regular congressional appropriations process were introduced Wednesday by House Financial Services Subcommittee on Oversight and Investigations Chairman Sean Duffy, R-Wis.

By placing CFPB under appropriations, H.R. 1261 would give Congress direct oversight of its activities. Duffy also on Tuesday offered the following:

• H.R. 1263, which would lower the threshold needed for the Financial Stability Oversight Council to veto proposed CFPB rules to a simple majority of FSOC members;
• H.R. 1265, which would apply the requirements of the Federal Advisory Committee Act to CFPB, ensuring its Credit Union Advisory Council meetings would be open to the public; and,
• H.R. 1262, which would put procedures into place to ensure that sensitive personal consumer data collected by CFPB is not compromised, given the continuing problem of widespread data security breaches.

NAFCU Vice President of Legislative Affairs Brad Thaler said the association looks forward to working with Duffy and his staff to advance these measures.