Holding the CFPB Accountable
The CFPB’s current ideological agenda and unlawful actions will ultimately hurt consumers, businesses, and our economy. To protect the choice of American consumers, the CFPB needs to be held accountable.

Under the leadership of the Consumer Financial Protection Bureau (CFPB)’s newest director, Rohit Chopra, the agency is trying to radically reshape the American financial services sector by breaking time-tested bipartisan norms and skirting the agency’s legal authority.
By attempting to change rules without accountability, the CFPB is creating uncertainty that will harm consumers by causing financial companies to adjust the types of mortgages, car loans, and personal credit they can offer.
The current ideological agenda and unlawful actions will hurt consumers, businesses, and our economy. The CFPB needs to be held accountable.
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The CFPB Needs to Be Held Accountable
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The Consumer Financial Protection Bureau (CFPB) is trying to radically reshape the nature of America's financial services sector by breaking time-tested bipartisan norms and skirting the agency’s legal authority.
The CFPB is...
- Changing rules without accountabilityThrough fly-by-night changes to the agency’s supervision and examination manual, and new rules created without public input, companies are finding themselves subject to onerous and expensive expectations imposed without proper notice or review.Learn More
- Interfering with choiceIn willfully mischaracterizing the state of competition in the market, the CFPB is laying the groundwork to force the financial services sector to comport with its vision of the appropriate size of companies, what products and services should be offered, and under what conditions.Learn More
- Trying to ban products and restructure the industryDirector Chopra has stated his intention to outright ban some products and restructure the industry, which would only mean fewer choices for American families.Learn More
- Taking unlawful actionsThe CFPB has wrongfully claimed that state attorneys general have authority to enforce consumer financial laws far beyond any authority Congress granted and is attempting to deprive companies of their constitutional right to a fair day in court.Learn More
Taking the reins
Congress should continue to use its oversight and legislative tools to ensure that the CFPB only acts within the mandate they have granted it. The Chamber highlights numerous legislative reforms in its 2018 report, “Consumer Financial Protection Bureau: Working Towards Fundamental Reform,” that remain more relevant than ever.
Congress should enact legislation to:
- Establish a bipartisan commission to run the CFPB.
- Subject the CFPB to proper budget oversight via the appropriations process.
- Create an independent inspector general for the CFPB, instead of depending on the Federal Reserve’s IG.
- Provide companies right of removal to federal court from the CFPB’s administrative adjudication forum.
- Remove the CFPB Director from the board of the Federal Deposit Insurance Corporation (FDIC) and replace this position with an independent board member.
Timeline of Agency Engagement
- April 2022The U.S. Chamber of Commerce and other associations sent a letter to the CFPB objecting to new powers claimed by the Director to influence administrative adjudication.April 2022
- October 2021The U.S. Chamber of Commerce sends a letter to Director Chopra expressing our desire to continue our longstanding relationship with the agency to advance consumer protection.October 2021
- June 2020Congress and the White House use the Congressional Review Act to void guidance that would regulate indirect lending via automotive dealers.June 2020
- May 2018Congress and the White House use the Congressional Review Act to void guidance that would regulate indirect lending via automotive dealers.May 2018
- July 2017Congress and the White House use the Congressional Review Act to void regulation issued by the CFPB to prohibit the use of arbitration clausesJuly 2017
- September 2017The U.S. Chamber of Commerce sues the CFPB for its unlawful regulation of arbitration clauses.September 2017
- September 2009The U.S. Chamber of Commerce issues a report, “The Impact of the Consumer Financial Protection Agency on Small Businesses,” expressing concern with the lack of checks and balances that would be imposed on the newly created Consumer Financial Protection Bureau.September 2009
Going deeper
The Consumer Financial Protection Bureau's (CFPB) recent actions against financial service providers may hurt innovation and consumer choice in the marketplace.
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