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ACA International Supports the Consumer Financial Protection Bureau Accountability Act of 2015 Print E-mail
Monday, 08 June 2015

June 5, 2015 – Washington, DC – ACA International, the association of credit and collection professionals, supports new legislation that would require that the Consumer Financial Protection Bureau be subject to the Congressional appropriation process. The bill has been referred to the Senate Banking Committee.

The Consumer Financial Protection Bureau Accountability Act of 2015 was sponsored by Sen. David Perdue (R-GA) and filed on May 19, 2015. Currently, the CFPB operates under the Federal Reserve. The Dodd-Frank Act established the CFPB’s budget at as much as 12 percent of the Fed’s annual operating expense – or roughly $600 million per year without any Congressional oversight over the agency’s spending.
 
ACA International supports the legislation as it: 1) puts Congress in control of CFPB funding and spending; and 2) helps create reasonable transparency and accountability at the CFPB.
 
Other organizations that have supported this legislation include the U.S. Consumer Coalition, the Taxpayers Protection Alliance, and the Electronic Transactions Association, and support continues to build, according to a recent statement released by Senator Perdue. 
 
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 bi-partisan 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. The ACA Board’s recent vote reflects a long-standing 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.
 
“There is a drumbeat in Washington and across the country calling for change at the CFPB,” said ACA President Rick Doane. “ACA supports this and other bills that work to ensure that the CFPB is accountable and a fair and balanced regulator that is open and transparent to the public.”
 
ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.

(Source - ACA International Press release)
 

 

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