Time for Accountability is Now
AFSA, in conjunction with our members, has worked to compile a list of policy requests to bring transparency and accountability to the Consumer Financial Protection Bureau (CFPB). These policies, focused on reforming the CFPB, will decrease confusion in the marketplace that the Bureau’s overregulation has been instilling.
Every consumer deserves access to some form of credit; they shouldn’t have to worry in times of need about not getting the credit they need to keep their financial lives on track. Reasonable regulations that protect consumers’ access to credit are crucial to their financial stability and their economic mobility. Consumers deserve to be confident they are protected, while creditors deserve certainty and clarity so they can serve consumers and not be caught in a regulatory game of “gotcha.”
The new CFPB director should:
- Stop rulemaking via guidance, adopt policies and procedures to ensure that rulemaking is done in compliance with the Administrative Procedures Act (APA), and create an Office of Economic Analysis;
- Pause current rulemakings to review, rescind or revise certain final rules, and examine areas for which new rulemaking might be necessary;
- Stop “risk-based” supervision, reassess Supervisory Highlights, supervise more efficiently, and make changes to the consumer complaint database; and
- Pause and review current enforcement actions and institute additional policies and procedures for enforcement actions and civil investigative demands (CIDs).
The CFPB’s overreaching regulations are harming – not helping – consumers. It’s time for accountability and transparency from the CFPB.
January 28th, 2025
