Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act. The summary indicated that the bill would include a series of CFPB reforms, including a change in the CFPB’s name to the “Consumer Financial Opportunity Commission,” replacement of the current single director with a bipartisan, five-member commission, funding of the commission through the appropriations process, repeal of the CFPB’s authority to prohibit consumer financial services or products it deems “abusive” and prohibit or impose conditions or limitations on the use of arbitration agreements.… Continue Reading
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Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of a bill to replace the Dodd-Frank Act. The bill is entitled “The Financial CHOICE Act,” with “CHOICE” standing for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.” The accompanying press release indicated that the bill would be introduced later this month.… Continue Reading
Hensarling establishes new policy for issuing subpoenas and gives CFPB deadline for responding to document requests
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s oversight. According to a letter from Mr. Hensarling to Democratic Congresswoman Maxine Waters, the Committee’s ranking member, an agency will have “two weeks to produce documents requested by the Committee and, if no responsive documents are received, a follow-up letter providing the agency with two additional weeks to comply will be sent.” … Continue Reading
Hensarling and CFPB disagree on impact of Supreme Court’s Canning decision
It should be no surprise that the CFPB and Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, have different perspectives on the U.S. Supreme Court’s ruling last week that President Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the National Labor Relations Board in January 2012 . … Continue Reading
Hensarling calls on CFPB to open advisory group meetings
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, called on the CFPB this week to end its closed-door meeting policy for its four advisory groups. Those groups consist of the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council, and the Consumer Advisory Board. … Continue Reading