Subcommittee Examines Legislative Proposals to Bring Accountability & Oversight to the Powerful Consumer Financial Protection Bureau

Press Release

The Financial Services Subcommittee on Financial Institutions and Consumer Credit today examined several legislative proposals to bring accountability and oversight to the powerful Consumer Financial Protection Bureau (CFPB).

The CFPB -- by design --is unaccountable. Its unique and defective structure allows the CFPB to evade the time-tested and normal checks and balances that apply to virtually every independent regulatory agency, including those responsible for consumer and investor protection.

"We are here this afternoon to gain insight on proposals to reform the CFPB so that it is better suited to provide a stable regulatory environment for consumer credit," said Subcommittee Chairman Shelley Moore Capito (R-WV). "Consumer protection is not a partisan issue, and the proposals before this subcommittee today do not attempt to weaken the CFPB in any way. Rather, these measures attempt to provide more accountability and transparency to an agency whose structure makes it susceptible to regulatory overreach and unbalanced rule writing."

Source