WASHINGTON (6/12/14)--The House Financial Services Committee continued its markup of regulatory relief bills Wednesday, passing 10 bills that were held over from Tuesday's voting session, including four that were backed by the Credit Union National Association.
The CFPB Inspector General Act (H.R. 3770), which would create an independent inspector general for the bureau, passed 39-20. An amendment offered by Rep. Maxine Waters (D-Calif.) failed. It would have removed the Senate confirmation requirement for the IG post.
The Bureau Examination Fairness Act (H.R. 4804), which sets several restrictions on CFPB examinations, would prohibit the bureau from including enforcement attorneys in examinations, regulate bureau data requests during the course of an examination, place time limitations on the completion of examination field work and the issuance of exam reports and supervisory letters, and prohibit concurrent limited-scope exams at the same institutions. It passed 33-26.
"Recognizing the need for efficient and meaningful exams, as well as the judicious use of credit union resources during such examinations, we believe this legislation takes a step in the right direction," CUNA wrote in a comment letter this week.
The Bureau Advisory Opinion Act (H.R. 4662) passed 32-27. The act directs the bureau to create a process by which entities subject to CFPB rulemaking, including credit unions, can submit questions about prospective products and services and receive a confidential opinion from the director of the bureau within 90 days on their conformance with federal consumer financial law.
The committee passed the Bureau Guidance Transparency Act (H.R. 4811) 35-24, an act that would require the CFPB to provide a public notice and comment period before issuing any guidance in final form.
Use the resource link below for a News Now story on the two CUNA-supported bills that passed the committee Tuesday.