Banking & Credit

CFA Urges Congress to Oppose Bills Which Would Undermine the Authority of CFPB to Stop Abusive Practices

CFA, alongside a coalition of consumer groups, civil rights groups, and unions, is calling on the members of the US House of Representatives to oppose H.R. 5112 or any similar bills that dramatically undermine the Consumer Financial Protection Bureau (CFPB) by eliminating its authority to prohibit abusive acts and practices and by imposing unworkable procedural requirements that would make it effectively impossible for the CFPB to write critical rules. The CFPB has made enormous progress in making the financial marketplace fairer to consumers. Its enforcement efforts alone have resolved more than 80 cases and secured $11.2 billion in relief for consumers. H.R. 5112 is part of an extraordinary industry attack on the agency and its success.