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House Panel Approves Three Bills to Restructure CFPB

Posted on 5/5/2011

The House Financial Services' Financial Institutions Subcommittee yesterday approved three bills that would make structural changes in the Consumer Financial Protection Bureau. The first bill (H.R. 1121) the panel passed, by a 13-7 vote, would replace the CFPB director with a five-member commission. The subcommittee also approved by a 13-8 vote a bill (H.R. 1667) that would postpone the date for transferring authority to the CFPB if the bureau does not have a director in place. The third measure (H.R. 1315) the panel passed, 13-9, would enable the Financial Services Oversight Council to overrule a CFPB regulation with a simple majority vote, instead of the two-thirds vote required by current law.

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