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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.  

75% of credit card users pay their bills on time. This CFPB rule would punish those who pay on time by raising their costs to cover those who don’t.

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The CFPB ...

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.

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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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