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.