WSJ: Key GOP Lawmaker: Commission Could Be Compromise in CFPB Overhaul

Remember how House Financial Services Committee Chair Jeb Hensarling said last month that he wanted to change the CFPB's structure to one headed by a single director reporting to the president?  Well, now the WSJ is reporting that Rep. Blaine Luetkemeyer of Missouri, chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, which has oversight of the CFPB, predicts that the Bureau will switch to a commission structure. The article, behind a paywall is here, and here is an excerpt:

“I think when the bill goes to the Senate, what you will see is a compromise down to the commission,” Mr. Luetkemeyer said in a speech to executives gathered in Washington for a Credit Union National Association conference.

He explained that such a compromise will be necessary to gain the support of some Democrats, in order to gather the 60 votes needed to pass the legislation in the Senate.

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The broad House financial deregulation bill, known as the Choice Act, will likely pass the House floor “over the next two to three months,” Mr. Luetkemeyer said, adding that he hopes it then reaches the Senate.

Rep. Jeb Hensarling (R., Texas), chairman of the House Financial Services Committee and lead author of the bill, said at the [Credit Union National Association] conference that the legislation will be introduced soon.



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