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Holding the CFPB Accountable

Washington DC Capitol building with gray skies in background

The core mission of the Consumer Financial Protection Bureau (CFPB) is to ensure that financial institutions are adhering to consumer protection laws and regulations.

Under the leadership of the CFPB’s newest director, Rohit Chopra, the agency is harming competition and consumer choice in the financial services sector by attempting to regulate market competition, shunning procedural requirements under the Administrative Procedure Act, and devising new enforcement powers for the Director.  

The CFPB is...

Congress should act

Congress should act

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.

Read the report

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

Innovation on the line

Innovation on the line

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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