Having introduced Consumer Financial Protection Bureau Accountability Act of 2015, , while noting the CFPB has failed to operate within its own budget and is more concerned with preserving its own power than protecting the public, Sen. Perdue says, “The CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations at whim without real Congressional oversight. The American people, through Congress, deserve a closer look at the CFPB and how its actions will impact consumers.”
The senator’s efforts have garnered the support of other interested organizations. Joe Brannen, president and CEO of the Georgia Bankers Association says, “The CFPB makes all the consumer protection rules, and those rules set the tone for compliance examinations of every bank, regardless of bank size and regulator doing the exam. Instead of spending thousands of hours responding to inconsequential concerns that don’t pose significant consumer risks, traditional bankers’ time could be better spent on serving the needs of the families and businesses in their communities.”
Sarah Makin, speaking on behalf of the U. S. Consumer Coalition, says, “The CFPB represents the greatest threat to consumer choice and freedom this country has seen in a long time. While there may be a role for the CFPB, we applaud Senator Perdue for working to protect consumers from the so-called consumer protector.”
David Williams, president of the Taxpayers Protection Alliance, says, “Currently, the CFPB operates outside of the jurisdiction of Congress. Any federal agency operating with the use of taxpayer funds must be subject to oversight by the elected officials that represent those taxpayers in Washington.”
Scott Talbott of the Electronic Transactions Association says, “ETA supports legislation that balances consumer protections with economic growth and innovation. Senator Perdue’s bill achieves this goal.” ##
(Photo credit: nationalmortgageprofessional-Sen. David Perdue)
