This story appeared in Bank Digest.
Senator David Perdue (R-Ga) and several other Republican senators have introduced the Consumer Financial Protection Bureau Accountability Act of 2017 to bring the CFPB under the congressional appropriations process. This is the latest in a series of legislative proposals to undermine or dismantle the CFPB.
"Ever since the disastrous Dodd-Frank financial regulation law spawned the CFPB, we have witnessed a rogue agency more focused on expanding its power than protecting the public," said Perdue. He added, "Even the D.C. Circuit Court of Appeals agrees the CFPB is ripe for abuse and its current structure is unconstitutional. It is clear, the CFPB should be subject to more Congressional oversight so we know what they are doing and how they are using all the personal financial information they collect on American consumers."