Bill to Place CFPB Under Appropriations Introduced

WASHINGTON – Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the Consumer Financial Protection Bureau (CFPB) under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.

"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,” said CUNA President/CEO Jim Nussle.

“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,” he added.

Placing the CFPB under the appropriations process is one of the goals of CUNA’s Campaign for Common-Sense Regulation, launched earlier this year.

in Legislative & Political News