Momentum to modify how the Consumer Financial Protection Bureau is structured and operates gained more steam this week.

Soon after the U.S. House Financial Services Committee chairman outlined his plan to revamp the Dodd-Frank Act and more, the House Appropriations Committee’s fiscal year 2017 Financial Services and General Government Appropriations bill passed out of the committee. That measure includes a provision to alter CFPB leadership from a single director to a five-person group.

“We applaud House appropriators for taking steps to make needed improvements to the CFPB on behalf of consumers,” said Richard Hunt, president and chief executive officer of the Consumer Bankers Association. “Chief among the reforms is the creation of a five-person, bipartisan board that would preserve it as a stable, strong and effective regulator, regardless of a President Trump or Clinton. 

“CBA also appreciates the committee requiring the bureau to take a second look at its arbitration and small-dollar lending proposals before consumers are potentially harmed,” Hunt continued. “We are grateful the committee sees the wisdom in these commonsense improvements and encourage the full House and Senate to follow their lead in protecting consumers.”

Along with what Hunt referenced, the bill provides annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission and other related agencies.

The bill totals $21.7 billion in funding — $1.5 billion below the fiscal year 2016 enacted level and $2.7 billion below the budget request of President Obama.

“The job of this bill is two-fold: to make wise investments with taxpayer dollars in the programs and agencies that we need to grow our economy and enforce our laws, and to tightly hold the reins on  overspending and overreach within federal bureaucracies,” House Appropriations chairman Hal Rogers said. “This bill makes great strides on all accounts — carefully investing taxpayer dollars in programs that promote opportunity, while keeping these agencies accountable to the American people.”

The bill passed through the committee by a vote of 30-17.

Rep. Ander Crenshaw added, “Federal agencies have a duty and obligation to use hard-earned taxpayer dollars in the most effective and efficient manner. Americans work hard for the money they send to Washington and expect their legislators to make the same tough budget decisions that they have made. Our bill is the product of comprehensive hearings with input from both sides of the aisle with an emphasis on economic growth and job creation through small businesses, while bolstering law enforcement to protect our citizens.

“In addition, our bill reduces funding for agencies that we believe can produce results with fewer dollars. And, where there is a history of inappropriate behavior, such as the Internal Revenue Service, cutbacks and reforms are recommended to hold them accountable,” Crenshaw went on to say.

The Capitol Hill activity came after Rep. Jeb Hensarling, the Texas Republican who also is the House Financial Services Committee chairman, offered his plan to replace the Dodd-Frank Act and promote economic growth during a speech to the Economic Club of New York on Tuesday.

Hensarling shared details of the Financial CHOICE Act, with CHOICE standing for “creating hope and opportunity for investors, consumers and entrepreneurs.”