The House Financial Services Committee will start the markup process for two bills related to oversight of the Consumer Financial Protection Bureau during a hearing at 10 a.m. ET, ACAInternational.org reported yesterday. The committee will review U.S. Rep. Steve Stivers’ (R-Ohio) “Bureau of Consumer Financial Protection – Inspector General Reform Act of 2015” (H.R. 957) and U.S. Rep. Randy Neugebauer’s “Financial Product Safety Commission Act of 2015” (H.R. 1266). H.R. 957 ensures greater accountability at the CFPB by creating an Inspector General who is nominated by the president and confirmed by the Senate, according to a House Financial Services Committee news release. H.R. 1266 removes the CFPB from within the Federal Reserve System and re-establishes it as a standalone agency that is governed by a five-member, bipartisan commission.
