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USCC Applauds Bipartisan Passage of CFPB Reform Bills

posted October 2, 2015

October 2, 2015 – Washington, D.C. – The US Consumer Coalition (USCC) applauds the House Financial Services Committee for the passage of two instrumental Consumer Financial Protection Bureau (CFPB) reform bills, H.R. 1266 and H.R. 957, this week. These two bills would address the growing concern over the lack of congressional oversight and the absolute rule of Director Richard Cordray.

USCC shares Rep. Randy Neugebauer’s (R-TX) concerns with a single director at the CFPB and supports his bill, H.R. 1266, which would call for a bipartisan commission to protect consumers. USCC also supports H.R. 957, introduced by Rep. Steve Stivers (R-OH), which would address the issue of the CFPB sharing an Inspector General with the Federal Reserve. By having an Inspector General designated solely for the CFPB, consumers can rest assured that the Congress is looking out for their best interests.

“The CFPB needs to have the oversight of Congress through the appropriations process like virtually every other executive agency. It needs to realign its mission back toward its original mandate-to educate and protect consumers. Doing that just might give us a consumer watchdog that truly respects consumer privacy and freedom. As of right now, it seems consumers need protecting from the consumer protector,” said Brian Wise, senior advisor to the US Consumer Coalition.

USCC congratulates the House Financial Services Committee on their hard work and urges Congress to pass these much-needed pieces of legislation.

 

The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.

Press Contact:
Diego Sanchez
(202) 617-6155
media@usconsumers.org