This story appeared in Bank Digest.
By a vote of 232 to 182, the House of Representatives approved H.R. 3193, the "Consumer Financial Protection Safety and Soundness Improvement Act of 2013." The legislation would replace the position of Director of the Consumer Financial Protection Bureau with a bipartisan five-member commission, change the voting standard established for the Financial Stability Oversight Council from the two-thirds majority vote currently required to a simple majority vote, establish the CFPB as an independent agency, and addresses the CFPB's collection of consumer information and the issuing of annual information disclosure reports. Reaction from members of the House Financial Services Committee, leading up to and following the vote, fell along partisan lines.