Firstly, the agency would be funded through the annual Congressional appropriations process instead of through the Federal Reserve, as mpamag tells MHProNews. Funds would be requested through the Fed, but it must notify Congress of its intent, and include the amount requested, what it is for and how it will protect consumers.
Secondly, the all-powerful single director would be replaced with a five member board of directors appointed by the president.
In addition, according to CFPB monitor, another provision disallows CFPB’s funds from being used to regulate pre-dispute arbitration agreements. The agency would have to research arbitration agreements before issuing rules regarding them. Rules thus issued would have no force until the research was completed. ##
(Image credit: housefinancial.services.house.gov)
