Today, the House Appropriations Committee’s Subcommittee on Financial Services and General Government will mark up its draft fiscal year 2018 appropriations bill.  The draft bill contains multiple provisions to reform the CFPB, which include:

  • Bringing the CFPB into the regular appropriations process;
  • Eliminating the CFPB’s supervisory authority;
  • Removing the CFPB’s UDAAP authority;
  • Repealing the CFPB’s authority to place restrictions on arbitration; and
  • Creating an exemption from risk retention requirements for nonresidential mortgages.
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In addition to the bill introduced last week by Republican Congressman Randy Neugebauer that would replace the CFPB’s director with a five-member commission, four other CFPB reform bills have been introduced by Republican Congressman Sean Duffy.  A series of similar bills were approved by the House Financial Services Committee in November 2013 and incorporated into a bill that passed the House in March 2014 but never reached a vote in the Senate.… Continue Reading