Bill calling for CFPB transparency passes in overwhelming majority vote

by Paydayloans24716 Apr 2015
A bill that would bring greater transparency and accountability to the Consumer Financial Protection Bureau (CFPB) passed the U.S. House of Representatives by an overwhelmingly bipartisan vote of 401 to 2 this week.

, better known as the Bureau Advisory Commission Transparency Act, was introduced by Representative Sean Duffy, R-Wisconsin, in March with co-sponsors Randy Neugebauer, R-Texas, and Andy Barr R-Kentucky.

Specifically, the legislation calls for each advisory committee and subcommittee of the CFPB to be subject to the provisions of the Federal Advisory Committee Act, making the proceedings of those committees open to the public.

“This bill ensures we as an American family can see what takes place at the CFPB – it makes complete sense.” He continued, “This is about making government work; making it accountable and transparent. That should start at these meetings,” Duffy said during the congressional debate on H.R. 1265.

Click on the image below to watch Duffy’s remarks.

Bill calling for CFPB transparency passes in overwhelming majority vote

Only three agencies are exempted by statute from open meeting provisions in the Federal Advisory Committee Act, those include: the Central Intelligence Agency, the Office of the Director of National Intelligence and the Federal Reserve.

Supporters of the legislation argue that the CFPB is not involved in intelligence collection, covert operations, or the formation of monetary policy, so there is no reason that it cannot hold its committee and subcommittee meetings in public.


  • by Cheryl | 4/16/2015 11:15:22 AM

    Well, it certainly will be nice (in the near future) to have an adult, professional and detailed conversation with the CFPB instead of listening to some dumb a%# read off a script and at the end of the conversation know no more than you did before you called the Bureau in the first place. I find this Bill to be one of the first real accomplishments for our newly established Congress. There is a real sense of importance for the "Consumer" to know and understand the beginning, "the middle" and the end result of their complaint. Consumers have that right based on the "about us" portion of the CFPB. There's the missing part....the middle.

    In fact, each of us should go through the new portal of the CFPB website, listing the database of CFPB complaints since 2011. When following the graph take notice of the sections showing the company responded "Yes" or No and the consumer disputed response. By best calculation over 89% of all consumers DID NOT ("NO") dispute the company response. WHY? The only way the an actual complaint gets reviewed by the CFPB is to dispute the company response. So why submit a complaint and have no one review it? Until all consumers understand how the CFPB works, there's really no reason for a portal of data, only if you want to make yourself look good to all those opposing the CFPB. All this database reflect is that consumer don't know the dispute process at the CFPB. You do if you're a law graduate....we can do better.

  • by Viva la Revolucion | 4/16/2015 11:59:24 AM

    Who were the two that voted against more govt. transparency? LOL Probably the same ones that vote to exempt members of congress from their own "rules". Disgusting.


Should CFPB have more supervision over credit agencies?

Verum Option