Senator David Perdue Leads Effort To Hold Consumer Agency Accountable

“We have witnessed a rogue agency more focused on expanding its power than protecting the public.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) and U.S. Senators John Barrasso (R-WY), John Boozman (R-AR), Ted Cruz (R-TX), Steve Daines (R-MT), Mike Enzi (R-WY), Joni Ernst (R-IA), John Hoeven (R-ND), Johnny Isakson (R-GA), Ron Johnson (R-WI), John Kennedy (R-LA), Mike Lee (R-UT), Rand Paul (R-KY), Marco Rubio (R-FL), Thom Tillis (R-NC) today introduced the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2017 to make the bureau accountable to the American people by bringing it under the Congressional appropriations process.

“Ever since the disastrous Dodd-Frank financial regulation law spawned the CFPB, we have witnessed a rogue agency more focused on expanding its power than protecting the public,” said Senator Perdue, a member of the Senate Banking Committee. “Even the D.C. Circuit Court of Appeals agrees the CFPB is ripe for abuse and its current structure is unconstitutional. It is clear, the CFPB should be subject to more Congressional oversight so we know what they are doing and how they are using all the personal financial information they collect on American consumers.”

This effort has earned support from consumer advocacy and industry groups:

Taxpayers Protection Alliance: “Currently, the CFPB operates outside of the jurisdiction of Congress (that most agencies operate in) and continues to be appropriated taxpayer funds without the proper Congressional oversight. This is an agency that demands scrutiny like any other federal agency and should be held accountable for their actions by moving into the proper process for Congressional appropriations,” said David Williams, President, Taxpayers Protection Alliance.  

American Bankers Association: “Oversight by Congress would allow the very consumers who the Consumer Financial Protection Bureau was designed to protect to hold it accountable through their elected officials. An important principle that underlies this bill is that there needs to be an effective check and balance on the Bureau’s authority. The American Bankers Association supports the principle of accountability and balance and commends [the senators] for introducing this measure,” said James Ballentine, Executive Vice President of Congressional Relations and Political Affairs, American Bankers Association.

Credit Union National Association: “We appreciate Congress considering common-sense reforms to the CFPB so that it will focus on Wall Street and get out of the way of Main Street. Over the last six years, the new mortgage rules, the rule on international remittances, the proposals on small dollar lending and arbitration, and CFPB enforcement actions have impeded credit unions' delivery of consumer-friendly products and services. Congress and regulators can, and should, provide greater consumer protection by ensuring that local, member-owned credit unions and small banks are able to thrive in a balanced, common-sense regulatory environment that is not rigged in favor of those who prey on consumers and the too-big-too-fail banks that caused the financial crisis,” said Jim Nussle, President & CEO, Credit Union National Association.

Georgia Bankers Association: “Having strong checks and balances for agencies with the power to regulate an industry as critical to the economy as financial services just makes common sense. The Congressional appropriations process provides just such a check on the power of any particular agency. We appreciate Sen. Perdue for introducing this bill and Georgia’s banking community supports it,” said Joe Brannen, President & CEO, Georgia Bankers Association.