House committee chairman ready to strip power from CFPB
One of NADAês biggest goals major changes in the Consumer Financial Protection Bureau (CFPB) may be closer to being met, at least in the House of Representatives, according to the Washington Post.
The Post obtained a memo written by Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, that describes his plan to strip the CFPB of much of its power.
Under Hensarlingês plan, the CFPB would lose its customer complaint database and some of its enforcement power. The agency would still be run by a single director, but that person could be fired at will by the president.
House Republicans have long wanted to gut the CFPB. But the plan could face stiffer opposition in the Senate, where Senators like Elizabeth Warren (D-MA) who helped create the agency would be a problem. Troubling, too, are banking officials who have said they have already spent large sums adapting to the current structure and would prefer not to see major changes, the Post reported.
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