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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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