CFPB Reform Bill Introduced in House
Legislation to reform how the Consumer Financial Protection Bureau promulgates rules affecting community banks was introduced in the House. H.R. 3048, introduced by House Financial Services Committee member Roger Williams (R-Texas), would require the CFPB to actively assert during the rule-making process why it is necessary for rules to apply to community financial institutions. This bill would strengthen the CFPB’s authority to exempt small lenders from bureau rules.