Skip to main content

Waters’ CFPB Bill Being Readied for House Consideration

Phil Hall
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.

Apr 26, 2019
Mortgage Malaise: CFPB Report Reveals Steep Originations Drop, Rising Borrower Costs

Increased fees, soaring monthly payments, and growing approval disparities unsettle the housing market; CFPB eyes regulatory tweaks.

Sep 27, 2023
CFPB Unveils Plan To Remove Medical Debt From Credit Reports

Vice President Harris and CFPB Director Chopra highlight potential boost in mortgage approvals and question debt collectors' methods.

Turning The GSEs’ Repurchase Policies Into Opportunity

Lenders selling to Fannie and Freddie have to take swift action and enact robust strategies to mitigate risk

The ‘Science’ Of Appraisals Gets Government Attention

Start now to prepare your Reconsideration of Value policy

Michael Eising Receives MBA Legacy Achievement Award

Indiana banker honored for three decades of service to mortgage compliance.

Rejected Mortgage Applicants Get Another Chance

FHA waiver removes the scarlet letter from denied borrowers.