House Subcommittee Schedules Hearing to Discuss Mulvaney’s Recommendations to Reform CFPB

The House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow afternoon about the Bureau of Consumer Financial Protection.

The hearing, Improving Transparency and Accountability at the Bureau of Consumer Financial Protection, will take place at 2pm EDT and feature six witnesses, four of them on the side of business and two representing consumer advocacy groups. The witnesses are:

  • Steven Day, President, American Land Title Association
  • Richard Hunt, President and Chief Executive Officer, Consumer Bankers Association
  • Kate (Larson) Prochaska, Director, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce
  • Hilary Shelton, Director, NAACP Washington Bureau, Senior Vice President, Advocacy and Policy, National Association for the Advancement of Colored People
  • Elmer Whitaker, Chief Executive Officer, Whitaker Bank Corporation of Kentucky

In announcing the hearing, Rep. Blaine Luetkemeyer [R-Mo.], the chairman of the Financial Institutions and Consumer Credit subcommittee, is planning to discuss four recommendations that have been made by CFPB Acting Director Mick Mulvaney to improve the accountability and transparency of the agency. Those recommendations are:

  1. Fund the Bureau through Congressional appropriations;
  2. Require legislative approval of major Bureau rules;
  3. Ensure that the Director answers to the President in the exercise of executive authority; and
  4. Create an independent Inspector General for the Bureau.

From the release announcing the hearing:

This hearing will discuss Acting Director Mulvaney’s recommendations as well as other reforms that would promote greater transparency and accountability at the Bureau.

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