Update
June 22, 2010 | federal legislation, industry | Comments (0)Chairman Frank said the conference is on schedule to end Thursday night. Here’s what’s happened today:
Bachus offered an amendment to structure the CFPA as a commission, similar to the original Durbin amendment. The amendment would return the CFPA to an independent bipartisan commission.
Amendment was defeated by voice vote
Gutierrez offered an amendment regarding the exemption for auto dealers from the CFPB, which he opposes. The Gutierrez amendment would establish back-up authority for the CFPB to act on deceptive practices by auto dealers if the FTC fails to end those practices.
Amendment was defeated by a vote of 10-9
Biggert (along with Graves and Shuler) offered an amendment that would restore the Senate language in section 1099 requiring the bureau to consider small business interests during the rulemaking process.
Amendment was defeated by a vote of 12-10
Hensarling offered an amendment that would allow prudential regulators to have a more significant voice in overseeing the new bureau’s rule making authority. The amendment would lower the required vote on the systemic risk council to overturn the bureau’s proposed rules from a 2/3 super majority to a simple majority. It would also disallow the banning of any products. Amendment was defeated by a vote of 12-7
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