Posts Tagged ‘acainternational’

House Passed Appropriations Measure would Alter Funding and Leadership of CFPB

July 11th, 2016 Comments off

U. S. House of Representatives seal postedDailyBusinessNewsMHProNewsThe 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)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

House Committee Pressing CFPB for Advertising Documentation

July 2nd, 2016 Comments off

House of Rep sealMHProNews stated in a post June 14, 2016, the Consumer Financial Protection Bureau (CFPB) has spent nearly double in advertising this year than for all of 2015, spending 2.5 percent of its budget on ads to reach consumers.

As MHProNews noted then, “during the past three years, only the National Highway Traffic Safety Administration, the Food and Drug Administration and the Peace Corps have spent more than two percent of their budget on advertising. Most departments and agencies spend well-below one percent.”

Now, the House of Representatives’ Committee on Oversight and Government Reform is asking for detailed documents on advertising expenses that so far this fiscal year have totaled $15.3 million.

In a letter to the CFPB’s Director Richard Cordray, the committee is requesting a listing of every contract the agency has whether for advertising or something else, who the contract is with, how much and what is the purpose of each one.

The committee has also requested “All documentation and communications detailing the amount the CFPB has used on advertising to promote rules both proposed and finalized in FY 2014, FY 2015, and thus far in FY 2016,” according to acainternational.

The committee has asked for the documents no later than July 8, 2016. ##

(Image credit: House of Representatives–

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver and posted to Daily Business News-MHProNews.