CFPB Reform Bill Passes in the House

Some changes may be on the horizon for the Consumer Financial Protection Bureau (CFPB). The U.S. House of Representatives passed H.R. 3193, The Consumer Financial Freedom and Washington Accountability Act, which would bring more "accountability and transparency" to the CFPB, according to Representative Sean Duffy (R-Wisc), the bill's sponsor.

The bill passed the House, 232-182.

H.R.3193 is a collection of bills that aims to bring more oversight to the CFPB.

Included in the bill are provisions to replace the CFPB director with a five-member commission, appointed by the president and confirmed by the Senate. The bill would also align the CFPB’s governance with other, similarly-charged government agencies that protect consumers and investors.

Rep. Duffy said in a press release, "This is the right thing to do. Let's empower Congress and the American people. Let's reform the CFPB and actually make it work."

Additionally, the bill would separate the CFPB into a stand-alone agency, rather than a bureau within the Federal Reserve System.

The bill, "Prohibits the CFPB from using a consumer's private, personal financial information without the consumer's knowledge and consent. The CFPB is currently engaged in a massive, multi-million dollar data collection effort of consumers' financial information," according to a press release issued from Rep. Duffy's office.

The bill now heads to the Senate for consideration.