Skip to content

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.

Washington DC Capitol building with gray skies in background

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.

The CFPB Needs to Be Held Accountable

Video

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...

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.

Read More

Latest Content