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CFPB Faces Dual Lone-Star Threats
Friday, August 21, 2015
The eyes of Texas are upon the Consumer Financial Protection
Bureau - and not in a kindly way. Two
different actions out of Texas are challenging the very existence of the
agency. The latest edition of the Housing News Report from RealtyTrac
reported on each without tying them together or linking them to earlier
actions. We took a closer look.
In the first action, two Texas lawmakers have introduced
bills into the U.S. House and Senate that would completely abolish the
agency. Representative John Ratcliffe
and Senator Ted Cruz are the sponsors of the HR 3118 and S 1804 respectively, each
nicknamed the Repeal CFPB Act. According to Ratcliffe, it would
effectively repeal Title X of the Dodd Frank Wall Street Reform and Consumer
Protection Act which established the Bureau.
The house bill has 62 co-sponsors but none in the Senate.
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