House Financial Services Committee Advances Bills Backed by ACA International to Reform the CFPB
The legislation, which ACA continues to support, would change the CFPB's leadership structure and create an independent Inspector General for the agency.
WASHINGTON, Oct. 2, 2015 /PRNewswire-USNewswire/ -- Two bills supported by ACA International, the association of credit and collection professionals, which would increase transparency and accountability at the Consumer Financial Protection Bureau, cleared the House Financial Services Committee Wednesday with bipartisan support.
In a 56-3 vote, the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015 (H.R. 957) passed the committee with overwhelming bipartisan support. The bill, sponsored by Rep. Steve Stivers (R-Ohio), would ensure greater accountability at the CFPB by creating an independent Inspector General for the Bureau who the President nominates and the Senate confirms.
The committee also approved the Financial Product Safety Commission Act of 2015 (H.R. 1266), sponsored by Rep. Randy Neugebauer (R-Texas), in a 35-24 vote. Neugebauer's legislation removes the CFPB from within the Federal Reserve System and re-establishes it as a standalone agency governed by a five-member, bipartisan commission instead of one director.
"This bill is not an attempt to weaken the CFPB, it is a push to strengthen the CFPB and ensure greater consumer protections for the American people," Neugebauer said when he introduced the bill in March.
In April, Neugebauer discussed the Financial Product Safety Commission Act with attendees at ACA International's Washington Insights Conference.
These proposed reforms mirror the legislative initiatives that the Board of Directors of ACA International voted to support in March. ACA has advocated for legislation that will make the CFPB a more open and objective government agency, including changing the CFPB structure from a single director to a bi-partisan commission, funding through congressional appropriation, and the creation of a dedicated Inspector General for the CFPB.
"This important milestone shows that there is bi-partisan support for legislation that will improve leadership and governance at the CFPB," said Pat Morris, CEO of ACA International. "The CFPB is the only regulator with a single director and no oversight. ACA will continue to vigorously support transparency and accountability the CFPB."
Support for this legislation is part of a long commitment by ACA to help Congress understand the complex credit and collection industry and the vital role the credit and collection industry plays in the U.S. economy.
ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.
Contact:
Cindy Sebrell
VP Public Affairs, ACA International
202-590-0882
[email protected]
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SOURCE ACA International
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