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ACA Urges Legislation to Reform the Consumer Financial Protection Bureau Print E-mail
Wednesday, 06 May 2015

May 6, 2015 – Washington, DC – ACA International, the association of credit and collection professionals, actively supports two pieces of proposed legislation that aim to increase accountability and transparency at the Consumer Financial Protection Bureau.

ACA supports The Bureau Advisory Commission Transparency Act, which is sponsored by U.S. Rep. Sean Duffy (R-WI). The bill would require the CFPB’s committee and subcommittee meetings to be open to the public like nearly all federal agencies. Currently only three agencies are exempted by statute from open meetings provisions: the CIA, the Office of the Director of National Intelligence, and the Federal Reserve.
 
Rep. Duffy’s proposed legislation earned bipartisan support and was passed by the House of Representatives by a 401-2 vote in April and sent to the Senate
 
Also in April, the House passed the Bureau of Consumer Financial Protection Advisory Boards Act, which was sponsored by U.S. Rep. Robert Pittenger (R-NC). This legislation creates a Small Business Advisory Council, Community Bank Advisory Council, and Credit Union Advisory Council to advise the CFPB on matters that affect these businesses. It also places a cap on the amount of funding the CFPB director can request in fiscal years 2020 and 2025. The House passed the legislation by a 235-183 vote. This bill also now sits with the Senate.
 
ACA International supports both bills as they: 1) ensure small businesses have a voice as the CFPB develops regulations that impact small business and the economy; and 2) help create reasonable transparency and accountability at the CFPB.
 
“These bills have momentum, and show that there is broad, bipartisan support for change at the CFPB,” said ACA President Rick Doane. “All regulated businesses large and small deserve a fair and balanced regulator. Now is the time for the Senate to take up these bills and send a message that they support business and want transparency at the CFPB.”
 
In March, the Board of Directors of ACA International voted unanimously to support legislation that increases accountability and transparency at the CFPB, including changing the CFPB structure from a single director to a bipartisan commission, funding through congressional appropriation, and the creation of an Inspector General for the CFPB.  ACA International and many other financial services organizations firmly believe that these changes will increase day-to-day transparency and accountability at the CFPB.
 
Support for this legislation is part of a long commitment by ACA International to help Congress understand the complex credit and collection industry and the vital role the credit and collection industry plays in the U.S. economy.
 
(Source - ACA International Press Release)
 

 

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