The Obama administration late Wednesday said it would veto House legislation aimed at restructuring the brand new Consumer Financial Protection Bureau (CFPB).

On Thursday — the CFPB’s first full day of operation — Republicans were targeting the new agency by voting on H.R. 1315, which would convert the new bureau into a five-member commission.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.