Skip to main content

Waters’ CFPB Bill Being Readied for House Consideration

Apr 26, 2019
Photo credit: Getty Images/dkfielding

The House of Representatives may soon vote on a bill introduced by Financial Services Committee Chairwoman Maxine Waters (D-CA) that would rollback changes to the Consumer Financial Protection Bureau (CFPB) that were introduced during Mick Mulvaney’s term as Acting Director.
 
According to a report in The Hill, House Majority Leader Steny Hoyer (D-MD) sent a letter to his Democratic colleagues stating the Consumers First Act could be considered next month among the party’s slate of legislative priorities. The bill would reverse Mulvaney’s structural changes to the CFPB, including the reorganization of its Office of Fair Lending, as well as the reorganization of the agency’s advisory boards. Waters’ bill would also create an Office of Students and Young Consumers focused on student loans, debt repayment and financial product access for young adults and their families, and it would include language preventing future directors from making significant structural changes to the agency.
 
Relations between Mulvaney and congressional Democrats were frayed during his CFPB tenure, with many legislators refusing to acknowledge his position as acting director. While Waters’ bill would pass in the Democratic-controlled House, it is unlikely to be championed in the Republican-controlled Senate.

 
About the author
Published
Apr 26, 2019
CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

False Moves, Real Consequences

Don’t let missteps mortgage your future