June 10, 2014

CFPB transparency bills clear committee

June 11, 2014 – The House Financial Services Committee on Tuesday debated several bills that promote transparency at CFPB, including a bill requiring the bureau to have open meetings and more public involvement.

While some pieces of legislation still await final consideration, the committee did approve, by voice vote, H.R. 4262, the "Bureau Advisory Commission Transparency Act" – which was introduced by Rep. Sean Duffy, R-Wis., and would apply the requirements of the Federal Advisory Committee Act to CFPB. NAFCU supports this measure and CFPB's recent move to open up its council and advisory board meetings to the public.

The committee also approved legislation, H.R. 4383, "Bureau of Consumer Financial Protection Small Business Advisory Board Act" – which was introduced by Rep. Robert Pittenger, R-N.C., and which would establish a small business advisory board within CFPB. Of note, the bill was amended in committee to codify the existing credit union advisory council.

NAFCU Vice President of Legislative Affairs Brad Thaler wrote the committee ahead of the mark-up to support H.R. 4262 as well as:

  • H.R. 4387, the "Financial Stability Oversight Council Transparency and Accountability Act," which would require openness and transparency at the FSOC.
  • H.R. 4539, the "Bureau Research Transparency Act," which would ensure CFPB research papers are made available to the public.
  • H.R. 4662, the "Bureau Advisory Opinion Act," which would establish a process for institutions to get needed advisory opinions from CFPB.
  • H.R. 4804, the "Bureau Examination Fairness Act," which would set time limits on CFPB's completion of examination field work and issuance of exam reports and supervisory letters.