The House Financial Services Financial Institutions and Consumer Credit Subcommittee convened a hearing today to evaluate three Republican bills targeting the CFPB’s funding, authority and ability to disclose privileged information. The legislative proposals included H.R. 1355, which would move the Bureau from the Federal Reserve to the Treasury and subject it to the appropriations process; H.R. 2081, to replace the CFPB Director with the FRB Chairman as an FDIC Director; and H.R. 3871, to extend to the CFPB the protection against privilege-waiver documents currently applicable to banking agencies.
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