<p class="paragraph"><span class="normaltextrun">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 </span><span><a href="https://www.banking.senate.gov/hearings/12/08/2022/the-consumer-financial-protection-bureaus-semi-annual-report-to-congress" rel="external" target="_blank"><span class="normaltextrun"><b><span style="text-underline:none">CFPB oversight hearing</span></b></span></a></span><span class="normaltextrun"> today at 10 a.m. Eastern.</span><span class="eop"> </span></p> <p class="paragraph"><span class="normaltextrun">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. </span></p> <p class="paragraph"><span class="normaltextrun">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.</span></p> <p class="paragraph"><a href="https://www.nafcu.org/newsroom/cfpbs-chopra-discusses-rulemaking-efforts-hfsc-nafcu-pens-letter-ahead-sbcs-hearing" rel="external"><strong>Learn more</strong></a></p>
