HFSC passes CUNA-backed CFPB reform legislation

The House Financial Services Committee passed the CUNA-supported the CFPB Transparency and Accountability Reform Act (H.R. 2798) Wednesday night. CUNA wrote earlier this week in support of the bill, which contains several titles that would make CUNA and League-supported changes to the Consumer Financial Protection Bureau (CFPB).

“This package contains important provisions to modernize the CFPB while improving accountability and transparency that would benefit consumers and provide stability to the financial services marketplace,” said CUNA Deputy Chief Advocacy Officer Jason Stverak. “We thank the committee for moving it forward and CUNA, Leagues, and credit unions will continue to engage members of Congress on this much needed legislation.”

Specifically, CUNA supports titles that would:

• Replace the CFPB’s single director with a Senate-confirmed, bipartisan commission.
• Fund the CFPB through the appropriations process.
• Require the CFPB to publish a cost-benefit analysis and other data for any proposed rulemaking.
• Repeal section 1071 of the Dodd-Frank Act (which requires data collection on specific lending criteria).