On Wednesday, Congressman Marlin Stutzman’s newly introduced Consumer Financial Protection Bureau (CFPB) legislation, H.R. 4811, the “Bureau Guidance Transparency Act,” passed its first hurdle when it was voted out of the House Committee on Financial Services by a vote of 35-24.
The bill, H.R. 4811, is a transparency and accountability measure that provides for a reasonable notice and comment period prior to the issuance of any final CFPB guidance on rulemaking. Further, the legislation requires CFPB to provide any data or analysis relied on for such guidance.
“These are fair and reasonable adjustments to the CFPB’s regulatory guidance process intended to promote transparency and dialogue between regulators and industry. This reform will lead to better and more predictable outcomes for consumers and industry alike. I am happy my colleagues on the Committee agree. I now look forward to moving this bill quickly through the House. ” Stutzman said.
Groups supporting H.R. 4811 include the Independent Community Bankers Association, the National Automobile Dealers Association, the American Land Title Association, the Credit Union National Association, the U.S. Chamber of Commerce and the American Bankers Association.
Congressman Stutzman has been a member of the House Committee on Financial Services since the beginning of 2013.