June 09, 2014

CFPB transparency bills in mark-up today

June 10, 2014 – NAFCU will monitor a House Financial Services Committee mark-up today of several bills promoting transparency at CFPB, including a bill requiring the bureau to have open meetings and more public involvement.

NAFCU Vice President of Legislative Affairs Brad Thaler wrote the committee ahead of the mark-up to support many of the bills.

"NAFCU believes today's mark-up is an important one, as many of the bills highlight the need for credit unions to have a clear understanding of how the CFPB operates," Thaler wrote in a letter to committee Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif. "A number of the legislative proposals being considered will provide improvements to the CFPB and some relief to those who are subject to the new regulatory burdens from the Bureau."

Sean Duffy

Thaler said NAFCU supports 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.

In the letter, Thaler said NAFCU also supports:

  • 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.

Also today, CFPB Director Richard Cordray will deliver the bureau's semiannual report to the Senate Banking Committee. On Wednesday, Housing and Urban Development Secretary Shaun Donovan will testify before the Senate Budget Committee on his nomination to be director of the Office of Management and Budget.