The House is expected to vote on a Republican-backed measure (H.R. 3193) that would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to create a five-member commission to lead the CFPB. The bill, sponsored by Rep. Sean Duffy (R-Wis.), also would subject the bureau to the congressional appropriations process and make it easier for the Financial Stability Oversight Council to overturn CFPB regulations.
“This legislation would significantly interfere with the CFPB's charge to make consumer financial markets operate more efficiently and effectively, facilitate innovation in the marketplace, protect consumers' interests, and ensure that consumers have the information they need to make prudent financial decisions,” the White House said in a Statement of Administration Policy released Feb. 10.
The Obama administration and the Democrat-controlled Senate have steadfastly refused to consider changes to the CFPB, most recently during the 2013 Senate confirmation battle over CFPB Director Richard Cordray.
Legislation similar to H.R. 3193 was approved by the House in 2011.
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