Dodd-Frank

Bill Seeks to Have Commission Run CFPB 

A bill introduced in the House of Representatives this week seeks to have the Consumer Financial Protection Bureau (CFPB) run by a five-member bipartisan commission, instead of a single director.   The CFPB, set to be officially opened on July 21, has broad powers to regulate and enforce rules on consumer financial products and services, including oversight over the entire mortgage industry.  Chairman of the Financial Services Committee Rep. Spencer Bachus stated that their are concerns that the Dodd-Frank Act puts too much power in the hands of a single Bureau Director.  "Under the Dodd-Frank Act, the director of