House Republicans last week took the first steps to change the structure of the new consumer protection bureau in a way that Democrats say would weaken it.
The House Financial Services Committee's subcommittee on financial institutions and consumer credit on May 4 approved bills that would have the bureau run by a five-member board rather than a director; allow the bureau's decisions to be overturned by a majority vote of the Financial Stability Oversight Council rather than two-thirds; and delay the startup of the bureau until a director is in place.
The votes were along party lines, with the panel's Republicans supporting the bills and its Democrats opposing them. Democrats, who control the Senate, have promised to provide strong oversight of the new bureau but have not expressed support for changing its structure.
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