Dodd-Frank established the Consumer Financial Protection Bureau (CFPB). This agency is one of the most powerful
in decades—with a single director that has unchecked authority and a dedicated budget of over $500 million without
being subject to the appropriations process or oversight by OMB. Since the creation CCMC has advocated for
structural changes. Now that the Bureau has been up and running for the past few years and with the pending
litigation at the Supreme Court regarding the constitutionality of the Director Cordray’s nomination, CCMC will
continue to draw attention to the CFPB’s serious structural flaws and press Congress for fundamental reforms to the

At the same time, CCMC will work to ensure businesses have clear rules of the road by pushing the CFPB into the
“regular order” of the rulemaking process, while challenging aspects of the CFPB’s regulatory agenda that threaten
specific products/services, or the availability of credit broadly. We have set forth 12 steps that the CFPB can take to
improve its regulatory and supervisory functions. CCMC will work with the CFPB to help achieve the best possible
results to ensure the bureau does not raise credit costs and reduce credit choices available to both businesses and


  •  Enact appropriate checks and balances on the powers of the CFPB.
  • Minimize duplicative and inconsistent regulation and enforcement by the CFPB, other federal regulators, and State Attorneys General.
  • Ensure the CFPB enforces clear rules of the road rather than holding companies accountable to standardsthey cannot see.
  • Fight efforts to reduce consumer choice by directly or indirectly forcing “plain vanilla” products.
  • Oppose efforts to federalize either the allocation of credit or the pricing of financial products.
  • Work to ensure consumer and small business credit is not restricted by the CFPB.