Offers Recommendations for Improving Consumer Protection, Accountability
WASHINGTON, D.C.— The U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) today released a series of recommendations for reforming the Consumer Financial Protection Bureau (CFPB), laying out a blueprint for the agency to better serve American consumers and enrich the U.S. economy.
The U.S. Chamber has long argued that American capital markets and consumers would benefit from substantial structural reforms to the CFPB. As the Bureau’s new leadership begins to rechart the agency’s course, the reform agenda aims to outline concrete steps that would improve consumer protection; ensure consumers have access to the marketplace and choice in products and services; and promote access to financial information so consumers can make informed decisions.
“For too long, the CFPB decided what the rules of the road were without telling anyone,” said Tom Quaadman, executive vice president of CCMC. “But with new leadership at the helm, now is an opportunity to refocus the Bureau on advancing policies necessary to protect American consumers and promote an effective marketplace.”
The CFPB reform agenda outlines 23 recommendations in six categories:
- Provide clear rules of the road
- Enforce the law fairly
- Educate consumers with accurate, data-driven information
- Commit to transparency
- Avoid regulatory duplication and burden
- Structure the bureau for long-term success
Within those categories, specific recommendations include: avoid rulemaking by enforcement, reform the investigative process, emphasize consumer financial education, respect the bounds of the Bureau’s authority, defer to regulators with primary authority, and institute congressional control over the Bureau’s budget, among others.
“We believe these recommendations support those goals, and we hope they can ultimately serve to support the agency, provide consumers with access and choice, and provide businesses with clear rules of the road,” said Quaadman.
The CFPB reform agenda was released alongside a new poll conducted by Morning Consult, which shows strong support for:
- The CFPB’s current approach to creating rules, instead of regulation by enforcement (66 percent)
- Having appropriate checks and balances on government agencies through appropriations (66 percent)
- Changing the structure of the CFPB to be run by a bipartisan commission (56 percent)
The U.S. Chamber’s CFPB reform agenda is available online here.
