The House Financial Services Subcommittee on Institutions and Consumer Credit took a look today at the Consumer Financial Protection Bureau (CFPB).
The CFPB was created in 2010 as part of the Dodd-Frank financial reform bill with the goal of protecting consumers from business scams and risky financial transactions.
A panel of representatives from small banks and credit unions endorsed a House Republican proposal to change the structure of the new Consumer Financial Protection Bureau. The legislation would replace a single director with a bi-partisan Commission and would make it easier to overturn actions taken by the bureau against financial institutions.
Representative Shelley Moore Capito (R-WV), Chair of the Subcommittee, said, "The purpose of this hearing is to review ways to make the CFPB more accountable and transparent. I believe, as do many of my colleagues, that the current framework does not allow for necessary and proper oversight of such a massive agency.”