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League Praises House Committee Passage of CFPB Reforms

Authored By: Lewis Wood on 4/28/2023

Your League was pleased to see the U.S. House Financial Services Committee on Wednesday pass long-supported measures to bring more congressional oversight to the Consumer Financial Protection Bureau.

“Every Virginia-based credit union has a stake in this debate over the future of the CFPB and an interest in seeing the CFPB become more consistent as a regulator,” noted Carrie Hunt. “A fairly regulated, competitive financial services marketplace benefits all parties – consumers and service providers alike."

Of particular interest to the League are two measures: one to ensure the CFPB’s funding falls under the congressional appropriations process and one that would see the Bureau transition from its single-director leadership model to a five-member commission. We maintain that a commission would foster consistency and continuity in regulation, supervision and enforcement. A multi-member commission could also leverage its broader expertise for the benefit of a functioning marketplace.

Your League also notes that the U.S. Supreme Court is taking up a case that will decide if the CFPB is constitutionally funded. Oral arguments are expected to begin in October of this year, with a decision possibly by year-end or early 2024.

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