The House Financial Services Committee has passed a series of bills to change various aspects of the Consumer Financial Protection Bureau (CFPB). Under them, CFPB leadership would shift from a director to a board; and its budget would be determined through the congressional appropriations process. The bills also would establish pay parity for employees with other regulators, strengthen the Financial Stability Oversight Council's review authority over the CFPB, prohibit the agency from collecting consumer data without consent, and provide consumer disclosure of the information it does collect.
The GOP-backed provisions passed with votes along party lines, although it is unlikely that they will be considered in the Democratic-controlled Senate or signed by President Obama. House Democrats said the new measures were designed to undermine the CFPB. Banking industry groups have supported the measures, as they have pushed to give the other regulators more say in the CFPB's regulations. The Dodd-Frank law allows the FSOC to override the CFPB's rule if there is a two-thirds agreement of its members.