Tag Archives: Congressional Oversight

For the CFPB, the bill includes a provision that will bring the agency under the annual Congressional appropriations process. Currently, the CFPB is funded directly by the Federal Reserve. According to the Appropriations Committee, the change will allow for increased accountability and transparency of the Bureau's activities as well as the use of taxpayer money.

Perdue said the Consumer Financial Protection Bureau Accountability Act of 2015 will provide critical Congressional oversight for a Bureau that is funded by the Federal Reserve but is led by a single director rather than a board of directors and is not accountable to Congress.

Representative Richard Shelby (R-Alabama), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, expressed the need for more oversight and accountability from the Federal Reserve during a full committee hearing earlier this week.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Andrew Herman, Counsel for Washington, D.C.-based Miller & Chevalier.