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'Rogue' CFPB targeted with transparency bill [VIDEO]

It’s always sunny in Philadelphia, but apparently the same isn’t true for Washington D.C., where one agency has been subject to accusations that it hasn’t been as transparent and accountable as it should be. 

Many government agencies are subject to a 1972 sunshine act meant to shed light on their practices. The Federal Advisory Committee Act was passed to ensure that the public and Congress would be completely aware of what was going on within various bureaus’ meetings. There are three agencies with statutory exemptions from this legislation - the Central Intelligence Agency, the Office of the Director of National Intelligence and the Federal Reserve. The Consumer Financial Protection Bureau has long argued that it also isn’t subject to the FACA, though not specifically exempt either. New legislation, which recently passed the House overwhelmingly, would ensure the CFPB is mandated to follow FACA guidelines. 

Nearly everyone can agree there’s a need for transparency 
The CFPB was recently referred to as a “rogue” agency by Sen. David Perdue. The Georgia Republican is not alone in his beliefs either, which is why the Bureau Advisory Commission Transparency Act has so much support from both parties, at least within the House. The legislation would require that the CFPB hold its meetings in public, as required by the FACA.

The new bill passed the House with 401 “yes” votes earlier this week – an indication of just how many lawmakers from both parties believe the CFPB needs to be reined in somewhat. Only two persons – both New York Democrats – voted against the legislation. The rest of the House, of which 230 members are Republican, approved the bill. 

The act is now in the hands of the Senate banking committee 
Though Democrats have long criticized Republican efforts to de-fang the CFPB, they seem to overwhelmingly approve of increased transparency for the agency. The legislation has now been received in the Senate. It was referred to the Senate Committee on Banking, Housing, and Urban Affairs, of which Sen. Richard Shelby (R-Alabama) is the chair. Shelby has long been a critic of the CFPB’s lack of accountability, and is being handed an opportunity to do something about what he believes is one of the agency’s flaws. 

While the CFPB doesn’t yet have comments specific to the Bureau Advisory Commission Transparency Act, it was noted by the agency that it’s Consumer Advisory Board and Councils have been holding meetings open to the public since May 2014. 

By: Equity National   April 21, 2015     Title


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