Luetkemeyer Files Legislation to Reform CFPB

Congressman Blaine Luetkemeyer is sponsoring three bills that seek to reform the Consumer Financial Protection Bureau. Luetkemeyer said the legislation replaces the director with a bipartisan commission, establishes an independent inspector general at the bureau and removes the director from the board for the Federal Deposit Insurance Corporation.

“We have seen firsthand what can happen when an agency is under the sole direction of one individual, especially the blatant attacks against the banking community by CFPB Director Rohit Chopra,” said MBA President Jackson Hataway. “We thank Congressman Luetkemeyer for his leadership in sponsoring these much-needed bills to reform the CFPB.”

During a House Financial Services subcommittee hearing today analyzing the CFPB’s regulatory policies, Luetkemeyer and committee members questioned CFPB officials about its policies and oversight.