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House to Study CUNA-Backed CFPB Reform Legislation

(From the Credit Union National Association)
WASHINGTON (6/10/14)--The House Financial Services Committee will mark up six bills relating to the structure and reach of the Consumer Financial Protection Bureau June 10 starting at 10 a.m. (ET). These bills have been supported by the Credit Union National Association in a letter submitted to the committee Monday.  
"Credit unions have significant interest in the activities of the bureau because even though credit unions with less than $10 billion in assets are exempt from the Bureau's examination authority, they are not exempt from the bureau's rulemaking authority," wrote CUNA President/CEO Bill Cheney in the letter.
The following House bills will be discussed:

  • The CFPB Inspector General Act (H.R. 3770), which would create an independent inspector general for the bureau. Currently, the inspector general of the Federal Reserve serves as the inspector general for the CFPB. The bill was introduced by Rep. Steve Stivers (R-Ohio).
  • The Bureau of Consumer Financial Protection Small Business Advisory Act (H.R. 4383), which would create a small business advisory board at the bureau. A manager's amendment is likely to be offered to codify the credit union and community bank advisory councils. H.R. 4383 was introduced by Rep. Robert Pittenger (R-N.C.)
  • The Bureau Advisory Commission Transparency Act (H.R. 4262), which would clarify that the Federal Advisory Committee Act applies to the CFPB and would, in effect, open bureau advisory committee meetings to the public.  Rep. Sean Duffy (R-Wis.) introduced this bill.
  • The Bureau Advisory Opinion Act (H.R. 4662), to direct the CFPB to create a process by which entities subject to bureau rulemaking, including credit unions, can submit questions to the bureau about the conformance of prospective products and services and receive, within 90 days, a confidential opinion from the director of the CFPB on the conformance of the product with consumer financial law. This bill was introduced by Rep. Bill Posey (R-Fla.).

In addition to the bills above, the following drafts will be discussed:

  • The Bureau Guidance Transparency Act, which would require the CFPB to provide a public notice and comment period before issuing any guidance in final form. Introduced by Rep. Marlin Stutzman (R-Ind.).
  • The Bureau Examination Fairness Act would improve the examinations process for credit unions examined by the CFPB. It would prohibit the bureau from including enforcement attorneys in examinations, regulate bureau data requests during the course of the examination, place time limitations on the completion of examination field work and the issuance of exam reports and supervisory letters and prohibit concurrent limited-scope exams at the same institutions. Introduced by Rep. Mick Mulvaney (R-S.C.).

Tags: Congress, CFPB


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