In Parting Swipe at the CFPB, Toomey Proposes Appropriations Process for Agency's Funding

Source: American Banker

At a hearing with Consumer Financial Protection Bureau Director Rohit Chopra, Sen. Pat Toomey, R-Pa., proposed legislation that would put the bureau under the congressional appropriations process.

The legislation, proposed alongside Sen. Bill Hagerty, R-Tenn., would also put the CFPB under the leadership of a bipartisan board, similar to the structure at the Federal Deposit Insurance Corp.

Chopra, appearing in front of the Senate Banking Committee for his second day of congressional appearances following a blistering hearing with the House Financial Services Committee, told Toomey that he believes that independent agencies are more able to stay clear of political influence and that Toomey's proposed board structure would allow for less accountability than the single-director structure.