Senate Amendment Targets “Rogue Agency” CFPB – NMP Skip to main content

Senate Amendment Targets “Rogue Agency” CFPB

Phil Hall
Mar 23, 2015

U.S. Sen. David Perdue (R-GA) has introduced an amendment to the Senate’s 2015 Budget Resolution seeking to bring Congressional oversight to the Consumer Financial Protection Bureau.

“The reckless Consumer Finance Protection Bureau was spawned from the disastrous Dodd-Frank financial regulation law,” said Perdue in a press statement. “Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations without any oversight from Congress. On top of that, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public. Ultimately, I believe the CFPB should be dismantled, but an important first step is bringing it into the light for the American people to see its harmful effects on consumers.” 

Perdue’s resolution is latest Capitol Hill effort to realign the CFPB’s current autonomy. Earlier this month, Rep. Randy Neugebauer (R-TX), chairman of the House Financial Institutions and Consumer Credit Subcommittee, introduced a bill to rename the CFPB as the Financial Product Safety Commission and would replace the Bureau’s director with a presidentially appointed five-member commission serving five-year terms. Neugebauer’s bill also sought to shift the CFPB’s financing source away from the Federal Reserve and over to the congressional appropriations process. Last month, a bipartisan bill sought to assign an Inspector General to the CFPB—the agency currently shares an Inspector General with the Fed.

Published
Mar 23, 2015
CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

The 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

Regulation and Compliance
Dec 02, 2021
Regulatory Review, Reformatted

The progress made to date with NMLS modernization

Regulation and Compliance
Dec 01, 2021
November Surprise: Fed May Accelerate Tapering

Chairman Powell tells Congress of concerns about inflation, COVID-19 variant’s effect on recovery.

Regulation and Compliance
Dec 01, 2021
FHFA's 2022 Conforming Loan Limit Maxes Out At Nearly $1M

Baseline limit for Fannie, Freddie increases to $647,200, but for 'high-cost areas' loan ceiling set at $970,800 for single-family homes.

Regulation and Compliance
Dec 01, 2021
Regulators Are Back In The Saddle

There’s not only a new sherriff in town, it’s a whole gang of them.

Regulation and Compliance
Nov 29, 2021
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021