Tag Archives: Randy Neugebauer

The House Financial Services Committee (HFSC) approved 11 bipartisan bills today, aimed at providing community banks and credit unions some regulatory relief. According to HFSC Chairman Jeb Hensarling, since the introduction of the Dodd-Frank Act, banks have been struggling to survive due to stricter regulation.

Neugebauer’s proposal would replace the CFPB director with a bipartisan, five-member commission appointed by the president for five-year terms, with no more than three from a single political party. According to the draft legislation, the CFPB would also be renamed as the “Financial Product Safety Commission” and would no longer be funded by the Federal Reserve, but by its own budget appropriation.