The U.S. House of Representatives is again planning to vote on legislation to increase oversight and accountability of the Consumer Financial Protection Bureau. The vote was previously scheduled for Feb. 12. The House began debating H.R. 3193 on Feb. 11 before its recess. The vote is now planned for this week.
The package of bills approved by the Financial Services Committee in November would:
- Replace the CFPB director with a five-member commission.
- Reestablish the bureau as an independent agency funded by Congress.
- Align bureau employees’ pay rates with the pay schedule of other federal employees.
- Require the bureau to obtain permission from consumers before collecting financial information.
- Give the Financial Stability Oversight Council the ability to overrule CFPB rules with a majority vote.
- Mandate that the bureau consider the effect of rules on the "financial safety and soundness" of financial institutions.
House approval is expected along party lines, but the legislation will likely not be considered by the Senate Democrats.