The House Financial Services Committee passed two Republican-sponsored bills Wednesday that took aim at the CFPB and Dodd-Frank Act.
In a 34-22 vote, H.R. 4894 passed out of the committee. Sponsored by Rep. Lynn Westmoreland (R-Ga.), the bill would repeal Title II – the orderly liquidation authority – of the Dodd-Frank Act.
Additionally, the committee approved the Taking Account of Bureaucrats' Spending Act, H.R. 1486, sponsored by Rep. Andy Barr (R-Ky.), in a vote of 33-20. This bill would bring the CFPB's budget under appropriations by Congress. Also contained within the bill was an approval of $485.1 million for the CFPB, the amount CFPB Director Richard Cordray said was necessary to fund the bureau.
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In advance of the markup, credit union trade organizations provided support for the bills.
CUNA President/CEO Jim Nussle wrote that while the credit unions were not the cause of the financial crisis, they are being impacted by post-crisis rulemaking that, with rare exception, has been poorly tailored.
"H.R. 1486 is a step in the right direction toward ensuring that credit unions and other small financial institutions do not pay for the misdeeds of other entities through additional regulatory burden," Nussle added.
Additionally, Brad Thaler, NAFCU's vice president of legislative affairs, said, "Subjecting the CFPB to the appropriations process will give Congress much-needed oversight by incentivizing it to focus on true consumer abuse and working to uphold congressional intent, while guaranteeing it considers the burdens it is placing on community institutions and better tailoring its rules for them."
The committee marked up the bills to the House a day after the House passed H.R. 2947, the Financial Institution Bankruptcy Act of 2015. The legislation, sponsored by Rep. Dave Trott (R-Mich.), is set to reform the bankruptcy code and reduce the risk of taxpayers having to pay for government bailouts of failing financial institutions.
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