The Scoop
Memos sent privately to staff ahead of today’s House hearing on the Consumer Financial Protection Bureau and reviewed by Semafor provide a helpful road map for how Republicans and Democrats are digesting the administration’s efforts to overhaul the regulator.
Democrats’ memo urges lawmakers to boost recently dropped lawsuits. And it points the finger at GOP members for their role, including a push to scrap a cap on overdraft fees, set to advance this week, that “would give banks the green light to rob consumers blind.”
Republicans’ memo asks members to tout reasons to reform the agency, including “excessively burdensome” rules. In signs of possible changes to come, it suggests members ask about the benefits of putting a commission in charge, conducting cost-benefit analyses of rules — and whether CFPB can “continue to protect consumers in a robust and efficient manner without its supervisory authority.”