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House panel OKs Stutzman consumer finance bill

The U.S. House Financial Services Committee voted Wednesday in favor of a bill introduced by Rep. Marlin Stutzman, R-3rd, that would increase the transparency of the Consumer Financial Protection Bureau.

The panel, of which Stutzman is a member, voted 35-24 for his bill. The Business Guidance Transparency Act would require the bureau to provide for a public comment period before issuing final guidance on regulations and to make public any studies, data and analyses the agency relies on in preparing and issuing guidance.

Stutzman’s office said the legislation is supported by the U.S. Chamber of Commerce and trade associations representing bankers, credit unions, automobile dealers and land title companies.

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