The Consumer Financial Protection Bureau (CFPB) was the subject of new legislation and administrative actions that could impact the bureau’s activities. Below is a summary of each of the bills and actions taken in the U.S. Senate.
Legislation
- Senators Mike Johanns (R-Neb.), Lamar Alexander (R-Tenn.) and John Cornyn (R-Texas) introduced S. 190 to block actions taken by the CFPB and NLRB after a court rejected President Obama’s recess appointments to the agencies.The bill would prohibit the NLRB and the CFPB from enforcing or implementing decisions and regulations without a constitutionally confirmed board or director. A press release by Sen. Mike Johanns (R-NE) and some recent press coverage of the bill appear below for your reference.
- In related CFPB news, Senator Jerry Moran (R-KS) introduced S. 205, which wouldreplace the CFPB Director with a 5-person Commission, bring the CFPB under the congressaional appropriations process, and provide for a safety and soundness check of CFPB actions.
Other News
- Sen. Richard Blumenthal (D-CT), who serves on the Senate Judiciary Committee has been appointed the chair of a new Subcommittee on Oversight, Federal Rights and Agency Action. The Subcommittee has jurisdiction over: (1) Administrative practices and procedures including agency rulemaking and adjudication; (2) Judicial review of agency action; (3) Third party enforcement of federal rights; (4) Oversight of the Department of Justice grant programs, as well as government waste and abuse; (5) private relief bills other than immigration; and (6) Oversight of the Foreign Claims Settlement Act.
- Senate Freshman Elizabeth Warren (D-MA) has been paired with Sen. Bob Corker (R-TN) as her Senate mentor. An interesting pairing, it is unclear whether it will result in any future CFPB policy compromises that reach across the aisle as both are members of the Senate Banking Committee.