The House Financial Services Committee’s Financial Institutions Subcommittee will hold a hearing on Wednesday, March 26, to discuss possible changes to the structure and responsibilities of the CFPB.
“The Subcommittee will review the structure and funding of the Consumer Financial Protection Bureau (CFPB), in addition to statutory authorities granted to the CFPB under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,’ the subcommittee said, in a memo in advance of the hearing. “The Subcommittee will also review actions and proposals from the previous administration that limit choice and innovation in the market for consumer financial products and services.”
Among the legislative proposals to be discussed are plans to subject the bureau to the annual appropriations process and to transform the CFPB into a five-member commission. In addition, the subcommittee may discuss a Congressional Review Act plan to nullify the bureau’s medical debt rule, and a variety of other proposals.
Democrats have been highly critical of such proposals, as well the administration of the CFPB under the Trump Administration.
Scheduled to testify at Wednesday’s hearing are:
- Bryan A. Schneider, Partner, Manatt, Phelps & Phillips, LLP, who also served as the Associate Director for the Division of Supervision, Enforcement and Fair Lending during the first Trump Administration.
- Seth Frotman, former General Counsel and Senior Advisor to former CFPB Director Rohit Chopra.
- Ana Fonseca, President and Chief Executive Officer, Logix Federal Credit Union. She will testify on behalf of America’s Credit Unions.
- Rebecca E. Kuehn, Partner, Hudson Cook, LLL.
- Mr. David Pommerehn, General Counsel and Head of Regulatory Affairs, Consumer Bankers Association.
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