Neugebauer: Congress should have oversight over CFPB
The new Consumer Financial Protection Bureau, which will have policing power over mortgage disclosures through the Truth in Lending Act, is in the crosshairs of a Texas congressman who believes the agency lacks oversight.
The CFPB, which is still seeking a director, is set to launch July 21, but Rep. Randy Neugebauer (R-TX) has introduced H.R. 557, which if passed, would merge the CFPB into the Treasury Department.
"Given the significant and perhaps over-regulating powers the CFPB has been given by the Obama administration, Congress must have a say on the appropriation of taxpayer money funding this agency’s operation," Neugebauer said.
The CFPB is currently under the purview of the Federal Reserve Board.
Neugebauer said moving the agency will allow Congress to examine the CFPB's actions and their effects on the overall market.
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