February 11, 2014

Hunt urges House leaders for CFPB reforms

NAFCU last night wrote House leaders in support of legislation proposed by Rep. Sean Duffy, R-Wis., that would revise CFPB's structure and expand the Financial Stability Oversight Council's ability to veto bureau rules.

"NAFCU supports the concept of creating a five-person board or commission to govern the CFPB which is among potential improvements for the CFPB included in H.R. 3193," NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt said in a letter to House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif.

Hunt also supported:

  • the bill's language allowing the FSOC to veto CFPB rules on a simple majority vote of the council's members (excluding the CFPB director);
  • subjecting CFPB to the congressional appropriations process to facilitate more oversight; and
  • requiring CFPB to obtain consent from consumers before collecting their nonpublic personal information.

H.R. 3193 could be taken up on the House floor as early as today.