Following a contentious committee hearing on the constitutionality of the Consumer Financial Protection Bureau (CFPB), Rep. Jeb Hensarling (R- TX), Chairman of the House Financial Service Committee, remains convinced that the CFPB’s parent legislation, the Dodd-Frank Wall Street Reform and Consumer Protection Act will see significant changes during the 2017 Congressional session.
Already in March, the House of Representatives passed House Resolution 1009 in an attempt to shift authority away from the CFPB’s single independent director, Richard Cordrary. The embattled consumer law enforcement agency is also fighting a decision beginning late last year by a federal circuit court that declared its management structure unconstitutional. A recent amicus brief submitted by the U.S. Department of Justice seeks to abandon the CFPB’s position in the legal challenge and allow the previous ruling of unconstitutionality to stand.
In February, Rep. Hensarling circulated a memorandum detailing his vision for a revamped Dodd-Frank Act and limiting the authority of the CFPB. The memo closely mirrors legislation he filed last year called the CHOICE Act. That bill failed to make it out of the House before the session ended. Rep. Hensarling appears confident now that he can get some changes through what is shaping up to be a crowded Congressional schedule in 2017.
