The Consumer Financial Protection Bureau (CFPB), established on July 21, 2011, was challenged by Senator Ted Cruz and Representative John Ratcliffe with the introduction of (S. 1804, H.R. 3118). Both bills move to abolish the Bureau, saying that while the Bureau was intended to “help consumers by regulating and reigning in larger financial institutions,” in actuality, “big banks have only gotten bigger and the number of smaller banks and options for consumers have only decreased.” Separately, Chairman Richard Shelby of the Senate Banking Committee progressed legislation that would place the Bureau within the appropriations process and replace its director-driven governance model with a five-member commission.
In survey results released by SNL Financial last week, 33% of respondents identified the creation of the CFPB as the byproduct of Dodd-Frank that has most impacted their bank. SNL Financial conducted the online survey of 616 banking industry professionals. The survey ran from July 2, 2015-July 17, 2015.