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House Vote Demands More Transparency from CFPB

Joe Mont | April 16, 2015

The Consumer Financial Protection Bureau has long been a bogeyman of Republican critics. Since its creation, various bills have attempted to limit its scope, replace its single director with a five-member board, and bring its budget, currently drawn from the Federal Reserve, under Congressional review.

A vote this week by the House of Representatives may signal that concerns are more bipartisan that past rhetoric would suggest. A bill authored by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Oversight & Investigations Subcommittee—H.R. 1265, the Bureau Advisory Commission Transparency Act—passed with a 401 to 2 vote and will now head to the Senate.

The legislation would require the CFPB and any advisory committee it establishes, to comply with the Federal Advisory Committee Act. It establishes requirements for the qualifications of committee members, the timeliness and objectivity of advice...

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