Duffy Reintroduces CFPB Reform Package

Mar 5, 2015Press Release

Washington, DC – House Financial Services Subcommittee on Oversight & Investigations Chairman Sean Duffy (WI-07) reintroduced his Consumer and Financial Protection Bureau (CFPB) reform package, in coordination with some of his committee colleagues.

 “After hearing testimony from Director Richard Cordray this week, I am convinced now more than ever that the CFPB is in dire need of structural reform,” said Duffy. “He continues to stonewall Congress, he won’t respond to Congressional inquiries, and why would he? We have no tools in the toolbox to hold the fortress that is the CFPB accountable.”

Rep. Duffy shared the below video with his Facebook and Instagram followers announcing the bills’ introductions:

 

 

The series of bills Duffy authored and cosponsored include:

  • The Bureau of Consumer Financial Protection Act, introduced by Rep. Duffy, which puts the CFPB under the regular appropriations process.
  • The Consumer Right to Financial Privacy Act, introduced by Rep. Duffy, which requires the CFPB to obtain consumers’ permission before they collect data on them.
  • The Consumer Financial Protection Safety and Soundness Improvement Act, introduced by Rep. Duffy, which reduces the number of members of the Financial Stability Oversight Council that may overturn a rule of the CFPB from 2/3 to a simple majority.
  • The CFPB Pay Fairness Act, introduced by Rep. Duffy, which puts CFPB employees, who today set their own rate of pay, on the regular government pay scale.
  • The Financial Product Safety Commission Act, introduced by Rep. Randy Neugebauer (TX-19), which removes the Director of the CFPB and replaces him with a bi-partisan commission. Rep. Duffy is an original co-sponsor.

“Protecting consumers is important to everyone. However, this is an agency that is led by one man. It’s an agency that makes rules and regulations that restrict access to credit for everyone while they collect data on consumers without their permission, and Congress can do nothing about it.

 

“It’s time to bring some common-sense reforms to this agency; these bills will begin to do that.”

 

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