Rep. Michael Capuano (D-MA) informs his constituents:
On Wednesday the House considered H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act. This legislation seeks to weaken the Consumer Financial Protection Bureau (CFPB), established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB educates consumers on financial products, monitors and acts on complaints, and enforces consumer protections. H.R. 1195 would create three advisory boards focused on small business, credit unions and community banks. The boards would provide the CFPB with guidance during its rule-making process. I voted against this bill in committee because the CFPB had already established 4 advisory boards and councils representing small business, credit unions and community banks. The legislation seemed redundant to me. The Congressional Budget Office estimated that H.R. 1195 will cost $9 million over a ten year period. To offset this cost, the legislation was amended in the Rules Committee. Now, H.R. 1195 caps the CFPB’s budget which the bureau estimates will result in a loss of funds of more than $50 million in FY 2020. I voted NO. H.R. 1195 passed.
The measure passed 235-183 on a party line vote; Rep Reed, voting with his party, voted AYE.
The Obama Administration wrote:
H.R. 1195 as reported by the House Financial Services Committee would direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Community Bank Advisory Council, a Credit Union Advisory Council, and a Small Business Advisory Board to advise and consult with the CFPB in the exercise of its authority under Federal law regarding consumer financial protections. While the Administration does not oppose House passage of H.R. 1195 as reported, the Administration strongly opposes H.R. 1195 as amended by House passage last week of the rule for consideration of the bill, which would reduce the cap on the total amount of funding that could be requested by the Director for the CFPB for FYs 2020 and 2025.
Read more at the whitehouse link below.