Consumer Financial Protection Bureau

Consumer Group Extols the Critical Work Done by Three Government Agencies in Protecting Consumers

In a testimony before the Financial Services and General Government Subcommittee, CFA described the critical role the Consumer Product Safety Commission (CPSC), the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC) in ensuring America’s consumer protection safety net. The CPSC’s most imporant role is protecting consumers from unsafe products, and attempts to limit the CPSC’s authoirty is dangerous for consumer’s wellbeing. The CFPB is critical to protecting consumers in the financial marketplace and we oppose ideological policy riders that have been proposed in the past that limit the CFPB’s ability to fulfill its consumer protection mission. While the (SEC) is tasked with overseeing the nation’s capital markets, and has had an increasing workload in recent years, but has not been provided sufficient resources to keep pace with that workload.