This legislation (HR 3193) could roll back the hard work consumer advocates have done to keep the CFPB a strong, independent regulator that puts consumers' interests first.
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The legislation would:
- Make it easier for other regulators to overturn CFPB rules and regulations.
- Make it harder for the CFPB to attract and retain qualified employees.
- Change the leadership of the CFPB from a director to a commission.
- Limit the independence of the CFPB budget by subjecting it to the politicized appropriations process.
- Limit the ability of the CFPB to collect and analyze critical data on financial products and practices.
- Limit the CFPB’s ability to effectively supervise financial institutions.
Since July 2011, the CFPB has been doing its job of protecting consumers and establishing rules and guidelines so that markets will work in an open, transparent, and fair way. It is putting money back in the pockets of defrauded consumers, including, for example, refunds of over $700 million to consumers from credit card companies that had treated them unfairly, along with refunds of hundreds of millions more from abusive practices ranging from unfair mortgage servicing to auto loan pricing discrimination to deceptive practices aimed at service members.
The CFPB has been on the job helping service members and veterans, seniors, students and other consumers at high risk of financial fraud. Important new rules it has put in place include new standards so that abusive mortgages like those that helped cause the financial crisis cannot return and new protections to prevent people from being gouged when they send money to family abroad.