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Proposed Death Blows to CFPB Put Forward

February 15th, 2017 Comments off
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Credit: Mortgage Compliance Magazine.

Senator Ted Cruz (R-TX) and Rep. John Ratcliffe (R-TX) put forth legislation on Tuesday to abolish the Consumer Financial Protection Bureau (CFPB).

This legislation would give Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth,” said Cruz.

The pair of bills (S. 370 and H.R. 1031) would help advance Republicans’ broader Dodd-Frank reform efforts by tackling Title X of the law.

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Rep. John Ratcliffe. Credit: Wikipedia.

The CFPB’s lack of accountability to the American people was quickly evidenced when – contrary to its name – it ended up hurting many of the very folks it was intended to help. While Sen. Cruz and I have been sounding the alarm on the CFPB’s federal overreach for some time now, I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House,” said Ratcliffe.

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Sen. Ted Cruz. Credit: Washington Examiner.

Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. During the Obama administration, the CFPB grew in power and magnitude without any accountability to Congress and the people, and I am encouraged by the actions President Trump has begun to take to roll back the harmful impacts of an out-of-control bureaucracy,” said Cruz.

In addition to the legislation from Cruz and Ratcliffe, Sen. Mike Rounds, (R-S.D.) introduced legislation that would, according to his office, “dismantle” the agency by denying it funding through the Federal Reserve, and preventing it from keeping any fines it collects from businesses.

A product of the ill-advised Dodd-Frank Reform Act, the CFPB is an unaccountable regulatory agency ran by unelected bureaucrats with no oversight from Congress,” said Rounds.

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Sen. Mike Rounds. Credit: Wikipedia.

No unchecked federal agency should have the power to dramatically alter the financial choices of consumers through the rules it promulgates. Dismantling the CFPB is but one step we can take to ease the regulatory burdens of Dodd-Frank, the cost of which continues to be handed down to American families. I look forward to working with my colleagues to roll back the CFPB’s power and prevent the agency from imposing any further harmful regulations.”

As Daily Business News readers are aware, the CFPB and Director Richard Cordray have been in the crosshairs of the Trump administration.

Even so, Cordray maintains that he plans to stay put.

 

According to the Washington Examiner, in a recent Wall Street Journal op-ed, House Financial Services Committee Chairman Jeb Hensarling, (R-TX), said, “It would not be possible to overcome a Democratic filibuster to abolish the bureau. Instead, the agency could functionally be terminated through a roundabout legislative process using a budget tool that provides for passing legislation with a simple majority in the Senate.

The bill introduced by Cruz and Ratcliffe is linked here.

The bill introduced by Rounds is linked here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Bill would Give a Voice to Smaller Lenders within the Consumer Financial Protection Bureau

August 17th, 2015 Comments off

cfpb_credit_cfpbA measure introduced in the Senate by U. S. Senators Mike Rounds (R-SD) and Angus King (I-ME) would give community banks, credit unions and small businesses a say in the Consumer Financial Protection Bureau’s (CFPB) rulemaking process, according to what dsnews tells MHProNews.

Known as the Bureau of Consumer Financial Protection Advisory Board Enforcement Act, S. 1963 would establish a small business advisory board within the CFPB, as well as create permanent community bank and credit union panels within the CFPB. The panels would represent members from rural and underserved areas.

Sen. Rounds, a member of the Senate Banking Committee, said, “As the CFPB continues to make decisions that affect every American, it is critical for rural areas, community banks, small businesses and credit unions to have a voice.” The CFPB has four advisory councils, only one of which—the Consumer Advisory Board– is required by Dodd-Frank. The new bill would create an additional advisory committee for small businesses, and codify two existing advisory boards, one for community banks and the other for credit unions.

Small businesses, community banks and credit unions are invaluable forces in America’s economy, and they deserve a seat at the table as the CFPB makes important and far-reaching financial decisions,” Sen. King said. “Rural communities in Maine, South Dakota, and all across the nation rely on these institutions to create jobs and grow the local economy.” This rings true, especially for manufactured home owners who often live in rural areas.

The goal is to gain regulatory relief for community banks and credit unions, two historical sources of funding for manufactured housing loans, many of which have had problems operating due to the increasing cost of compliance under Dodd-Frank regulations. Many of these smaller financial institutions have either gone bankrupt or merged with other institutions. A similar bill, H.R. 1195, passed in the House in April.

Rep. Randy Neugebauer (R-TX) said, After five long years of Dodd-Frank’s misguided regulatory assault on Main Street, I’m pleased the Financial Services Committee once again acted to provide regulatory relief for our community financial institutions and the hardworking Americans they serve. Washington’s one-size-fits-all rulemaking has shifted Dodd-Frank’s compliance costs down to many individuals and families—forcing them to absorb higher cost of credit while reducing their access to popular financial products.”  ##

(Image credit: Consumer Financial Protection Bureau)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.