CFPB’s Chopra Discusses Rulemaking Efforts with HFSC; NAFCU Pens Letter Ahead of SBC’s Hearing
The House Financial Services Committee (HFSC) held its CFPB oversight hearing yesterday, discussing many points relevant to credit unions. Of note, the Senate Banking Committee holds its CFPB oversight hearing today at 10 a.m. Eastern.
During yesterday’s hearing, Chairwoman Maxine Waters, D-Calif., offered support for the CFPB while expressing dismay with the Fifth U.S. Circuit Court of Appeals’ ruling, which stated that the bureau’s funding structure is unconstitutional – the CFPB receives funding through the Federal Reserve rather than the congressional appropriations process.
Ranking Member Patrick McHenry, R-N.C., said in his opening statement that he intends to take oversight more seriously in the next Congress. He also noted that the CFPB’s “lack of transparency is of grave concern.
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