U.S. House passes major overhaul to the CFPB that the Senate is expected to defeat

On February 27, 2014, the U.S. House of Representatives passed H.R. 3193 by a 232-182 vote to make significant changes to the Consumer Financial Protection Bureau (CFPB), according to the CFPB Monitor. With an indication from the White House that President Obama would veto the bill, many regard the passage of H.R. 3193 as a "political exercise" by Republicans that the Democratic-controlled Senate is expected to defeat. The bill, supported by the American Bankers Association, "incorporates five CFPB reform bills approved in November 2013 by the House Financial Services Committee." H.R. 3193 would replace the CFPB with a new entity called the Financial Product Safety Commission, which would consist of five members, including the vice chairman of supervision of the Federal Reserve System as well as four presidential appointees subject to Senate confirmation. At $300 million, the commission's budget for FYs 2014 and 2015 would be $200 million less than the bureau's appropriation for those two years, the article said. For more, read the full story.

Consumer Financial Protection Bureau, Federal News, Federal Regulatory