House vote expected this week on CFPB restructure bill
February 9, 2014
WASHINGTON (2/10/14)--The U.S. House of Representatives may consider H.R. 3193 this week, a bill that would restructure the leadership of the Consumer Financial Protection Bureau from a single director to a five-member panel.
The bill, called the Consumer Financial Protection Safety and Soundness Improvement Act, would also make some fundamental changes to the way the bureau operates. For instance, it would authorize the Financial Stability Oversight Council to set aside any CFPB regulation that is found to be inconsistent with safe and sound operations of financial institutions. It also would require the CFPB to take into consideration the impact of its rules on insured depository institutions.
The House Financial Services Committee approved the bill, along with five other CFPB-related ones, late last November. However, even if the House passes the bill this week, its future in the Senate is considered to be very bleak.