Re: ABA’s Views on Legislation for the April 26, 2023, Full Committee Markup
On behalf of the members of the American Bankers Association (ABA), please see below our views on several bills scheduled for consideration by the Committee on April 26, 2023.
CFPB Reforms
ABA members support strong consumer protections. Consumers are our customers, and we need to earn their trust every day to stay in business. While the CFPB has made some important contributions to consumer protection, in the last few years we have seen the Bureau repeatedly ignore legal boundaries established by Congress. There must be more accountability. As ABA President and CEO Rob Nichols recently noted regarding a case pending before the U.S. Supreme Court:
“The separation of powers—and related accountability of executive power—is a hallmark of American democracy.” Today's announcement that the Supreme Court will consider the constitutionality of the CFPB's funding is a step toward resolving longstanding questions surrounding the bureau. We have seen the bureau repeatedly ignore legal boundaries established by Congress. To bolster the CFPB’s accountability, ABA has long advocated for a board or commission structure and for the bureau to be subject to the appropriations process. We hope that the resolution of this case will take heed of these critical issues while ensuring Americans continue to have access to the financial products they want and need, along with the protections they deserve."
Commission Structure. ABA strongly supports the Substitute amendment to the CFPB Transparency and Accountability Reform Act (H.R.2798) that will be considered by the Committee in this markup.
Download to read the full text.
