by Jeff Sovern
As an independent agency, the CFPB can issue regulations without approval from the Office of Management and Budget. But the House has now passed a bill that would require OMB to review major regulations promulgated by independent agencies, including the CFPB and the FTC (though the FTC seldom produces regulations, a topic for another day). The bill is presumably subject to the filibuster in the Senate, unless the Senate changes those rules. The bill and a summary can be found here. This looks like an attempt to prevent or delay issuance of significant regulations from a body that opposes regulations.