230309 Testimony CFPB Ripe For Reform HFSC


March 09, 2023


The mission of the Center for Capital Markets Competitiveness (CCMC) is to advance America’s global leadership in capital formation by supporting diverse capital markets that are the most fair, transparent, efficient, and innovative in the world. CCMC advocates on behalf of American businesses to ensure that legislation and regulation strengthen our capital markets so that businesses—from the local flower shop to a multinational manufacturer—can mitigate risks, manage liquidity, access credit, and raise capital.

The U.S. Chamber of Commerce is concerned that the Consumer Financial Protection Bureau (CFPB) is taking actions that will reduce opportunities for consumers to participate in the regulated market for financial products and services, which would force some consumers into unsafe, unregulated markets. The agency’s structure, combined with the actions of its current leadership, have created significant concerns in a business community that is striving to serve underserved communities while continuing to meet its regulatory and legal obligations. The CFPB can play a critical role in protecting consumers and shaping the market for consumer financial products and services; however, the agency’s credibility and its interest and ability to fulfill that mission is in doubt. The Bureau’s structure and approach have been controversial since its inception, and we are at an inflection point in terms of the ability to preserve the agency’s future

230309 Testimony CFPB Ripe For Reform HFSC