Lawmakers weigh CFPB powers, structure, funding

The Republican-controlled U.S. House Subcommittee on Financial Institutions and Consumer Credit considered legislative proposals that proponents say will increase the accountability of the Consumer Financial Protection Bureau. Democrats opposed bills that would move the bureau from the Federal Reserve to the Treasury Department and remove the CFPB's director from the Federal Deposit Insurance Corp. board. However, they signaled possible support for a measure intended to ensure that information shared with the bureau in the supervisory process would be treated as privileged.