The House of Representatives on Wednesday began consideration of a measure introduced by Rep. Sean Duffy (R-Wis.) on Wednesday that would reform the Consumer Financial Protection Bureau to increase security and accountability.
The Financial Freedom and Washington Accountability Act would eliminate CFPB’s current exemption from the budget process and subject it to the regular authorization and appropriations process.
The measure would also replace the existing role of CFPB director with a commission and restrict CFPB’s ability to collect consumer information.
“The Consumer Financial Protection Bureau is collecting data and information on almost one billion credit cards,” Duffy said. “…Do you think they’ve asked the American people’s permission to take their financial data? Absolutely not.”
Duffy’s bill would also require CFPB to pay its employees according to the same wage scale used by other federal agencies.
“All we ask for in this reform bill is, if you want to take the American people’s financial data, and you say you are here to protect the American citizenry, then why don’t you ask them?” Duffy said.
The bill would force the CFPB to consider the impact any new rule would have on the safety or soundness of an insured depository institution.