CFPB Backtrack: Preach Transparency, Practice Secrecy

Press Release

Duffy Introduces H.R. 1265, The Bureau Advisory Commission Transparency Act

Washington D.C. -- The Consumer Financial Protection Bureau (CFPB) proved, once again, that it is secretive business as usual at the agency. Despite announcing that they would comply with the Federal Advisory Committee Act (FACA), the CFPB's Credit Union Advisory Committee met behind closed doors on Thursday. House Financial Services Oversight & Investigations Subcommittee Chairman, Sean Duffy (WI-07) says since the CFPB will not be forthcoming with the American people, he is introducing legislation to mandate it.

Rep. Duffy said, "The CFPB promises transparency, but practices secrecy." He continued, "They promised they were "opening these full meetings to the public' but they've gone back on their word."

FACA was enacted in 1972 to ensure that Congress and the public know what's going on in these meetings. Only the CIA and the Federal Reserve (for purposes of their Federal Open Market Committees) are exempt from FACA. Because the CFPB is housed in the Federal Reserve, they are claiming the exemption as well.

Rep. Duffy commented, "What is the CFPB doing that is on par with the CIA and the Federal Reserve? It makes everyone ask, "What exactly is going on at these meetings?'"

Congressman Duffy first introduced this bill in the 113th Congress after the bureau told him they "could not accommodate [his] request" to attend a 2014 Advisory Committee meeting. The CFPB later said they would move to open their meetings in compliance with FACA. However, a request for an agenda of Thursday's meeting was denied, which is a direct violation of the law.

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