WASHINGTON (2/7/12)--Congressional scrutiny of the Consumer Financial Protection Bureau (CFPB) will continue this week, with the House Financial Services financial institutions subcommittee on Wednesday considering legislation that would change the structure and some authorities of the agency.
The bills in question would make the CFPB's yearly funding subject to the congressional appropriations process and remove the CFPB's director from their current slot on the Board of Directors of the Federal Deposit Insurance Corporation. H.R. 3871, a bill that would ensure that groups or individuals that supply information to the CFPB would not waive their right to privacy protections, may also be addressed during the hearing.
Wednesday will also feature a House Financial Services capital markets subcommittee hearing entitled "Limiting the Extraterritorial Impact of the Dodd-Frank Act." Finance industry insiders and others will testify during that hearing.
Other hearings are set for today, as the House Financial Services subcommittee on insurance, housing and community opportunity marking up the "Affordable Housing and Self-Sufficiency Improvement Act of 2012"; the "Emergency Fiscal Solvency Act of 2012"; and the "Homeless Children and Youth Act of 2011." The Senate Budget Committee today will also hold a hearing on "The Outlook for US Monetary and Fiscal Policy." Federal Reserve Board Chairman Ben Bernanke will testify during that hearing.
The Senate Banking Committee will address the state of the housing market on Thursday, and that group's housing, transportation and community development subcommittee will hold a Plainfield, New Jersey-based foreclosure field hearing on that same day. Plainfield Mayor Sharon Robinson-Briggs, New Jersey General Assembly speaker pro tempore Jerry Green, and other community representatives will speak during that hearing.
Legislation will also be considered throughout the week.