May 27, 2014

Thursday CFPB bill mark-up postponed

May 28, 2014 – Hill sources said Thursday's House Financial Services Committee mark-up of CFPB bills, including one advancing NAFCU-sought transparency in CFPB proceedings, has been postponed.

The mark-up was set to address about a dozen bills, at least five of which specifically address CFPB operations.

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 awaiting full-committee consideration call for public CFPB advisory board and council meetings, would create an independent inspector general for CFPB, require a consumer opt-out on CFPB information collection, facilitate a process for obtaining legal opinions on proposed new consumer services and require and notice-and-comment period to precede CFPB's issuance of final guidance.