Consumer Financial Protection Bureau building in Washington, D.C. Photo by Diego M. Radzinschi
The House on Wednesday passed House Financial Services Chairwoman Maxine Waters' (D-Calif.) legislation to reverse many of the decisions made by former CFPB Acting Director Mick Mulvaney while he was at the agency.
The House passed H.R 1500, by a vote of 231-19; the bill now goes to the Senate, where it is virtually certain to die.
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"I introduced the Consumers First Act to fix the damage that Mulvaney caused at the consumer bureau," Waters said during floor debate on the measure. She added that current Director Kathy Kraninger has continued Mulvaney's policies at the bureau.
But Financial Services ranking Republican Patrick McHenry of North Carolina questioned the Democrats' motives in advancing the measure.
"Instead of taking this opportunity to work together to bring transparency and accountability to the CFPB, the majority is moving a bill that does little more than advance their political agenda and micro-manage the bureau," he said.
The bill would, among other things, restrict the reorganization of bureau units, board and offices, limit the hiring of political appointees, ensure that the agency consumer complaint database remains public and formally establish offices of Fair Lending and Equal Opportunity and Students and Young Consumers.
The House passed several Democratic amendments to the bill, including a proposal to reinstate the CFPB's rule that banned mandatory arbitration agreements in contracts. Congress voted to void that rule during the 115th Congress.
Credit union trade groups oppose reinstating the rule.
The House also approved an amendment that would require credit union representation on the CFPB's consumer advisory committee.
The Republican-controlled Senate is unlikely to even consider the bill.
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