The Consumer Financial Protection Bureau (CFPB), constituted by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is not a federal agency structured in an effective manner to achieve its stated goals of protecting American consumers. Encumbered by no legislative oversight, the CFPB creates its own regulatory agenda and, at will, is able to make unilateral policy decisions that rightly belong to the jurisdiction of elected officials in Congress. Moreover, these unchecked policy decisions potentially pose a threat to American consumers and the businesses that provide them goods and services.
While the mission of the CFPB is a laudable one, substantive reform is necessary to ensure the principles of consumer choice and freedom are also protected in the course of the agency’s pursuit of consumer protection.
Since the CFPB has shown time and again that they are resistant to the reforms that are needed to make them the accountable and credible agency that American consumers deserve, the US Consumer Coalition launched the “Consumer Protection Initiative.”
Comprehensive one-pager document on the Consumer Protection Initiative [PDF]