The Honorable Maxine Waters
Chairwoman
Committee on Financial Services
U.S. House of Representatives
Washington, DC 20515
The Honorable Patrick McHenry
Ranking Member
Committee on Financial Services
U.S. House of Representatives
Washington, DC 20515
Dear Chairwoman Waters and Ranking Member McHenry:
As the committee prepares for its upcoming hearing on the Consumer Financial Protection Bureau, the U.S. Chamber of Commerce wanted to highlight our top priorities for reform and express support for Director Kraninger as she lays out her vision for the CFPB. A Bureau that operates effectively and efficiently will better fulfill its fundamental mission of protecting consumers.
We hope that Director Kraninger focuses the Bureau on:
- Improving the customer experience by allowing technological advances;
- Moving forward with a proposal on third party debt collection that provides clarity for collection practices;
- Pursuing the statutorily mandated small business data collection under Section 1071 of the Dodd-Frank Act, while mitigating unintended consequences to the small business lending market;
- Finalizing and implementing a No Action Letter process to enable the creation of innovative products and services that would best serve consumers; and
- Improving the supervision and enforcement processes to ensure they are more transparent and consistent;
Thank you again for holding this important hearing.
Sincerely,
Neil L. Bradley
