The U.S. House of Representatives is scheduled to vote this week on a package of bills to increase oversight and accountability of the Consumer Financial Protection Bureau (CFPB). The vote initially had been scheduled to take place on Feb. 12.
The proposal, approved by the Financial Services Committee in November, would replace the CFPB director with a five-member commission; reestablish the CFPB as an independent agency funded by Congress; and align bureau employees’ pay rates with those of other federal employees. The bills also would require the agency to obtain consumers' permission before collecting their financial information, would give the Financial Stability Oversight Council the ability to overrule CFPB rules with a majority vote, and would require the bureau to consider the effect of rules on the "financial safety and soundness" of financial institutions.
Approval in the GOP-controlled House is expected, but the bills are unlikely to be considered by Senate Democrats.