Date: February 11, 2014
Issue: Consumer Financial Protection Bureau Reform
To: U.S. House of Representatives
Filing Type: Congressional
Description: The Chamber strongly supports H.R. 3193, the “Consumer Financial Protection Safety and Soundness Improvement Act of 2013.” The Chamber believes that it is important to reform the CFPB to ensure it operates in a fair, transparent manner. The Chamber firmly supports sound consumer protection regulation that deters and punishes financial fraud and predation and ensures that consumers receive clear, concise, and accurate disclosures about financial products. These important consumer protection goals can be achieved only if an agency’s organizational structure promotes, rather than frustrates, a consistent, effective approach to regulatory and enforcement issues. The CFPB fails these basic tests because it was designed without critical checks and balances.