Rep. Waters Introduces House Bill to Require BCFP to Meet Its Statutory Purpose

Representative Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, introduced a bill on Friday, September 28, 2018 targeted at the Bureau of Consumer Financial Protection (BCFP or Bureau). Rep. Waters dubbed the bill as the Consumers First Act, but its official title is “H.R. 6972: To require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes."

The bill allegedly seeks to put a cap on the number of political appointees at the Bureau, to bring back enforcement of areas like payday lending, and to return the name of the Bureau to the Consumer Financial Protection Bureau or CFPB as it was called under former director Richard Cordray. However, the text of the bill is not yet available.

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