U.S. Reps Scheduled to Vote on CFPB Bill Tomorrow (Feb. 11, 2014)
The U.S. House of Representatives is scheduled to vote tomorrow on the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193). The legislation combines six bills, approved by the House Financial Services Committee last November, that are designed to bring more accountability, oversight and transparency to the Consumer Financial Protection Bureau (CFPB), according to the bill’s supporters.
H.R. 3193 calls for the agency to be led by a five-member commission appointed by the president and confirmed by the Senate; sets the pay rates of CFPB employees in accordance with the federal pay scale, replacing the current practice of pay rates that are determined by the agency’s director, Richard Cordray; and the bill prohibits the agency from collecting personal financial information about consumers without their knowledge or consent, among other stipulations.