Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

Mr. DUFFY. Mr. Chairman, I thank the chairman for all the work that he has put in on this consumer financial protection reform bill. This is really a bill about accountability and transparency.

As has been discussed today, the CFPB is collecting information on almost 1 billion credit cards--1 billion credit cards--which means if you are an American and you have a credit card, the CFPB is collecting and monitoring your transactions.

So what we have done is said: Listen, if you are here to protect a consumer, why don't you ask the consumer for permission and consent to take their information?

If we care about the American citizenry--if we care about consumers and don't care about Big Government and the information they have on us, let's give them the power. Let's ask them. That is all we do. Empower the American citizenry.

Again, let's empower Congress and the American people as well. When we don't fund agencies through this institution, we lose authority; we lose oversight.

Let's take that power and control back into Congress, and let's actually put the power back in the hands of the people; but if you empower the Fed to fund this agency, you have taken the control away from this institution. That is wrong.

One of the most important reform parts of this bill is meaningful to me because I come from rural America; and the way that the law is structured is that if a bad rule comes from the CFPB, it can be overturned.

You can go to FSOC and say: Listen, this rule is going to create systemic risk; meaning, it is going to have a negative impact on our economy. It should be overturned.

Now think about what kind of financial institutions can go to FSOC and say: This rule is bad; overturn it.

Is it the small community bank? Is it the credit union in rural America? Heck, no. But if you are a big Wall Street bank, you have been given a voice in the way my friends across the aisle have structured this law.

Big banks on Wall Street who created the crisis are given a voice to have rules from the CFPB overturned, but you have left the small banks and credit unions in my district voiceless to say: this rule is going to hurt us.

That is wrong.

Listen, we want to talk about protecting consumers, giving a voice to consumers, making sure Big Government isn't breathing down their backs.

Want to know who protects consumers and finance? Our credit unions, our small community banks. And guess what? The Credit Union National Association, they endorse and support our bill. The National Association of Federal Credit Unions endorsed and support this bill. The Independent Community Bankers endorsed and support this bill.

This is the right thing to do. Let's empower Congress and empower the American people. Let's reform the CFPB and actually make it work.

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