The U. S. House of Representatives passed the $21.7 billion Financial Services and General Government Appropriations Act, 239-185, in a party line vote, that would bring the Consumer Financial Protection Bureau (CFPB) under Congressional appropriations oversight. The measure would also replace the single director with a five-member bipatrisan commission, a move Republicans have promoted for some time.

According to what acainternational tells MHProNews, the final bill also prohibits the CFPB from implementing a rule regarding the payday lending industry.

The U. S. Senate Appropriations Committee approved a $22.4 billion spending bill in June, but without any provisions relating to CFPB appropriations or the structure of the agency’s leadership.

In addition to advocating for commission leadership and Congressional oversight of the funding, ACA favors a dedicated Inspector General for the CFPB. ##

(Image credit: U. S. House of Representatives seal)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.