WASHINGTON The House Financial Services Committee approved a series of bills on Wednesday, including several key changes to the Consumer Financial Protection Bureau.
The bills included a number of proposed changes to the consumer agency, from establishing an independent inspector general at the CFPB to creating an opt-out for consumers on data collection to eliminating the bureau's civil penalty fund.
The panel debated two additional measures that would delay the FSOC from making designations of systemically important nonbanks for six months and would allow for greater participation by banking agency officials and lawmakers at FSOC meetings but did not vote on them.
The CFPB legislation largely passed down party lines.
"I believe we have 14 bills before us that all have a common thread. Ultimately, they are there to help the people who are underemployed and unemployed in America today," said Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, at the start of the two-day markup on Tuesday. "What we will do is offer bills that will add more transparency and more accountability to both the Financial Stability Oversight Council and the CFPB."