House will vote, Senate may not.
Credit union trade groups are cautiously optimistic while Republicans are downright frustrated with the early moves of the new consumer bureau.
At press time, the House Financial Services Committee was close to passing a bill extending the National Flood Insurance Program for five years and three bills to make changes to the structure of the Bureau of Consumer Financial Protection.
House panel gives nod to extending National Flood Insurance Program and changes in new Consumer Financial Protection Bureau.
Deputy secretary says new CFPB will allow other regulators to focus on core missions, expand consumer choice and be accountable to Congress.
The new Consumer Financial Protection Bureau doesn’t even begin operations until July and already CUNA and NAFCU and some on Capitol Hill are pushing for changes in how much power it has and what its structure will be.
CUNA will endorse putting a credit union member on a five-member board that some lawmakers are proposing to run the Bureau of Consumer Financial Protection, and will support allowing a council of regulators to overturn bureau decisions by a majority vote.
NAFCU will endorse GOP-backed legislation to have the new Consumer Financial Protection Bureau governed by a five-member board and allow its decisions to be overturned by majority vote of a council of regulators.
WASHINGTON — Interchange is the tip of the regulatory burden iceberg.
Outsourcing is all the rage in the federal government these days