Holding the CFPB Accountable
The core mission of the Consumer Financial Protection Bureau (CFPB) is to ensure that financial institutions are adhering to consumer protection laws and regulations.
Under the leadership of the CFPB’s newest director, Rohit Chopra, the agency is harming competition and consumer choice in the financial services sector by attempting to regulate market competition, shunning procedural requirements under the Administrative Procedure Act, and devising new enforcement powers for the Director.
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75% of credit card users pay their bills on time. This CFPB rule would punish those who pay on time by raising their costs to cover those who don’t.
The CFPB ...
- is micromanaging responsible credit card usersThe CFPB issued a rule that would lower the allowed late fee charge by many credit card issuers, punishing consumers who pay their credit card bills on time.Read the story
- is undermining access to popular financial productsAmericans need access to credit and financial services to meet their financial goals and achieve success. However, a Consumer Financial Protection Bureau policy change will undermine access to these products, despite consensus that credit access and financial services are a boon to all Americans. Learn More
- has proposed a rule that would restrict access to financial products and drive up costsThe Center for Capital Markets Competitiveness believes the Consumer Financial Protection Bureau Notice of Proposed Rulemaking for Overdraft Lending: Very Large Financial Institutions (the “Proposed Rule”) should be withdrawn.Learn More
- is failing to adhere to well-established legal processes for policymaking.Laws require the public to have an opportunity for participation through the public comment process. Recently, the CFPB informed the public that it has unilaterally established a new interpretation of its authority to prevent Unfair, Deceptive, and Abusive Acts and Practices. The CFPB states that it intends to apply the law in a way, that it admits, Congress did not prescribe.Learn More
Taking the Reins
Congress should continue to use its oversight and legislative tools to ensure that the CFPB only acts within the mandate they have granted it. The Chamber highlights numerous legislative reforms in its 2018 report, “Consumer Financial Protection Bureau: Working Towards Fundamental Reform,” that remain more relevant than ever.
- April 2022The U.S. Chamber of Commerce and other associations sent a letter to the CFPB objecting to new powers claimed by the Director to influence administrative adjudication.April 2022
- October 2021The U.S. Chamber of Commerce sends a letter to Director Chopra expressing our desire to continue our longstanding relationship with the agency to advance consumer protection.October 2021
- June 2020Congress and the White House use the Congressional Review Act to void guidance that would regulate indirect lending via automotive dealers.June 2020
- May 2018Congress and the White House use the Congressional Review Act to void guidance that would regulate indirect lending via automotive dealers.May 2018
- July 2017Congress and the White House use the Congressional Review Act to void regulation issued by the CFPB to prohibit the use of arbitration clausesJuly 2017
- September 2017The U.S. Chamber of Commerce sues the CFPB for its unlawful regulation of arbitration clauses.September 2017
- September 2009The U.S. Chamber of Commerce issues a report, “The Impact of the Consumer Financial Protection Agency on Small Businesses,” expressing concern with the lack of checks and balances that would be imposed on the newly created Consumer Financial Protection Bureau.September 2009
Going deeper
The Consumer Financial Protection Bureau's (CFPB) recent actions against financial service providers may hurt innovation and consumer choice in the marketplace.
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