Legislation to Change CFPB Budget Oversight Returns to Congress


2/17/2017 4:54:00 PM

Sen. David Perdue and more than a dozen GOP senators introduced the Consumer Financial Protection Bureau Accountability Act of 2017 as the latest legislation this year focused on the bureau’s oversight and regulatory authority.

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A group of GOP senators, led by U.S. Sen. David Perdue (R-Ga.), introduced legislation to give Congress greater control and oversight of the Consumer Financial Protection Bureau and bring the CFPB under the congressional appropriations process.

The Consumer Financial Protection Bureau Accountability Act of 2017 would amend Title X, also known as the Consumer Financial Protection Act of 2010, of the Dodd-Frank Act, and was referred to a congressional committee on Feb. 15, 2017.

Perdue introduced similar legislation, the Consumer Financial Protection Bureau Accountability Act of 2015, two years ago, ACA International previously reported. Currently, the CFPB operates under the Federal Reserve and is unaccountable to Congress.

“The CFPB should be subject to more Congressional oversight so we know what they are doing and how they are using all the personal financial information they collect on American consumers,” Perdue said in a news release.

The bill is co-sponsored by Republican Senators John Barrasso (R-Wyo.), John Boozman (R-Ark.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Mike Enzi (R-Wyo.), Joni Ernst (R-Iowa), John Hoeven (R-N.D.), Johnny Isakson (R-Ga.), Ron Johnson (R-Wis.), John Kennedy (R-La.), Mike Lee (R-Utah), Rand Paul (R-Ky.), Marco Rubio (R-Fla.) and Thom Tillis (R-N.C.)..

ACA International will be providing more information on the proposed legislation as it develops.  We continue to encourage our members to weigh in with their Member of Congress on issues and legislation that are important their business. 

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