May 26, 2014

CFPB transparency, more headed for mark-up Thursday

May 27, 2014 – The House Financial Services Committee is set to mark up several bills Thursday that would, among other things, promote NAFCU-sought transparency in proceedings at CFPB.

NAFCU lodged support for greater transparency at the bureau in a letter included in the record of a hearing last week by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, chaired by Rep. Shelley Moore Capito, R-W.Va. The bills addressed in that hearing are now on the full committee's mark-up list for Thursday. They include:

  • H.R. 4262, the "Bureau Advisory Commission Transparency Act," introduced by Rep. Sean Duffy, R-Wis., requiring CFPB to make advisory board and council meetings open to the public (CFPB, in a move welcomed by Duffy and NAFCU, recently announced this will begin in June);
  • H.R. 3770, the "CFPB-IG Act of 2013," introduced by Rep. Steve Stivers, R-Ohio, to create an independent inspector general for CFPB (CFPB now shares an IG with the Federal Reserve System);
  • H.R. 4604, the "CFPB Data Collection Security Act," introduced by Rep. Lynn Westmoreland, R-Ga., to require CFPB to create an opt-out list for consumers who do not want the bureau to collect personally identifiable information about them;
  • H.R. 4262, the "Bureau Advisory Opinion Act," introduced by Rep. Bill Posey, R-Fla., to establish an advisory opinion process that could be used to obtain legal opinions on proposed new services;
  • H.R. 4684, the "Bureau Guidance Transparency Act," introduced by Rep. Marlin Stutzman, R-Ind., on requiring a public notice and comment period before CFPB issues guidance in final form.

Thursday's mark-up is set for 10 a.m. Eastern.