AFSA Supports Bipartisan CFPB Reform Bill
Today, AFSA sent a letter to Reps. Andy Barr (R-KY) and Vicente Gonzalez (D-TX) in support of HR 1653 – the “Civil Investigative Demand Reform Act” (CID Reform Act).
Under the previous CFPB Director, the Bureau severely misused its civil investigative demand authority with burdensome examinations against regulated financial institutions. These investigations often begin with vague statements and included unreasonable time constraints for institutions, regularly diverting resources from consumer-related services.
The bipartisan CID Reform Act will bring greater regulatory clarity and transparency to the CFPB’s CID process for financial institutions that provide essential consumer credit services in their communities.
AFSA thanks the sponsors for introducing this important legislation, which Reps. William Timmons (R-SC) and Jared Moskowitz (D-FL) cosponsored.
April 16th, 2025
