House Republicans have voted to make French Hill chair of the House Financial Services Committee. According to the NY Times, Hill’s
first choice would be to abolish the C.F.P.B. But he believed there would be wider support for a milder change to how it was run, like restructuring its leadership to make it a bipartisan commission,* * *
Mr. Hill also believes the bureau should not have authority over smaller banks. Currently, it supervises any bank with more than $10 billion in assets. He wants that lower limit raised.
“I want to make sure that we have and make the reforms in the C.F.P.B. that makes it a more responsive agency to Congress, and allows that consumer protection mission in federal statutes to be met, but be met in the most effective way possible with the least cost, with benefits to the consumer, but not disproportionate burdens to the financial services sector,” Mr. Hill said.
