National News

House subcommittee seeks changes to CFPB

The Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee passed legislation that would place the Consumer Financial Protection Bureau under the supervision of a five-member bipartisan commission rather than a single director. The legislation also would give the 10-member Financial Stability Oversight Council the power to veto CFPB rules with a simple majority vote rather than the two-thirds vote prescribed by the Dodd-Frank Act. It also would delay the start-up of the new bureau until the Senate confirms a director . . .

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