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Volume 25 - Number 5

March 3, 2014

House GOP Garners Some Dem Support, Votes to Clip CFPB Wings

The Republican-controlled House of Representatives, with the help of 10 renegade Democrats, voted last week to scale back some of the power and independence of the CFPB. As previously reported, H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, sponsored by Rep. Sean Duffy, R-WI, would replace the single CFPB director with a five-member, bipartisan commission appointed by the president and confirmed by the Senate. The goal here is "to ensure that a diversity of viewpoints informs the CFPB's regulatory and enforcement agenda, and to conform the CFPB's governance to that of other federal agencies charged with consumer or investor protection," according to the GOP contingent on the House Financial Services Committee.

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