The House Financial Services Committee passed six bills on Thursday that would change several aspects of the Consumer Financial Protection Bureau.
"These are modest, common-sense bills that bring a modicum of accountability and transparency to the CFPB," said panel Chairman Jeb Hensarling, R-Texas.
The measures are supported by banking industry groups, which have pushed to give other banking regulators more say in CFPB's regulations. Under the 2010 Dodd-Frank reform law, the Financial Stability Oversight Council can override the CFPB's rule if there is a two-thirds agreement of its members.
The proposals would alter the "CFPB's leadership structure from a director to a board; subject its budget to the congressional appropriations process; establish pay parity for employees with other regulators; strengthen the review authority of the Financial Stability Oversight Council over the agency; prohibit it from collecting consumer data without consent; and provide consumers with a disclosure of the information the agency does collect," writes American Banker's Victoria Finkle.
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