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Hensarling's Proposed Regulation Changes Could Put Stranglehold on CFPB
Friday, February 10, 2017 6:45 AM

According to the Credit Union Times and the CU Journal, retaining a three-person National Credit Union Administration board and restructuring the Consumer Financial Protection Bureau as a civil enforcement agency are changes House Financial Services Chairman Jeb Hensarling (R-Texas) will supposedly make when he introduces his Financial CHOICE Act over the next few weeks.

Hensarling's original proposal had called for increasing both the NCUA and CFPB boards to five members. His new bill calls for the CFPB to be governed by one director who could be removed by the president at will. Currently, the president may only remove the CFPB director for cause. Although a federal appeals court has ruled that that structure is unconstitutional, Hensarling is ready to take the issue to court.

His plan would supposedly eliminate the CFPB's power to act based on unfair, deceptive and abusive practices, and it would eliminate databases of consumer complaints.

Hensarling is also proposing a number of other changes.