U.S. House Financial Services Committee Pass Several Financial Regulatory Bills Seeking Regulatory Relief and Stronger Consumer Protection

CFPB U.S. House

On September 30, the U.S. House Financial Services Committee approved five pieces of legislation aimed at strengthening consumer protection, providing regulatory relief to publicly traded companies, and seeking expanded oversight of the CFPB. Approved in an overwhelming 56-3 vote, H.R. 957, the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015, creates an independent Inspector General for the CFPB to be nominated by the President and confirmed by the U.S. Senate. The committee also passed H.R. 2769 in a 50-9 vote. The Risk-Based Capital Study Act of 2015 mandates the National Credit Union Administration to conduct a study of appropriate capital requirements for federal and state credit unions prior to new rules becoming effective.