05.09.17

Senator David Perdue: Consumer Financial Protection Bureau Should Answer To Congress & Consumers

“Ultimately, the CFPB should have scrapped this rule altogether but we were able to extract significant concessions to narrow its scope.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Banking Committee, comments on efforts to nullify a CFPB rule that impacts millions of consumers and stifles growth in the electronic payment marketplace.

“The Consumer Financial Protection Bureau should answer to Congress and the American consumer,” said Senator Perdue. “When the CFPB originally released its 1,689-page rule, it was entirely too broad and would negatively impact financial products millions of consumers use every day. The Congressional Review Act (CRA) process was an important tool to inject some oversight of this rogue agency, and something we will utilize again to rein in future overreaching rules. Ultimately, the CFPB should have scrapped this rule altogether but we were able to extract significant concessions to narrow its scope.”

Senator Perdue has been working for more than two years to hold the CFPB accountable and shine light on this overreaching agency. To do so, he has:

  • Introduced a 2015 budget amendment to rein in the CFPB 
  • Introduced legislation to make the CFPB accountable to the American people 
  • Intervened to prevent CFPB from implementing the Prepaid Card Rule 
  • Introduced the CFPB Accountability Act of 2017
  • Outlined the need for Congressional oversight of the CFPB
  • Published an op-ed in Forbes on why the Prepaid Card Rule is bad for consumers.

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.