CFPB is under attack by Congress!
It’s clear that the Consumer Financial Protection Bureauand its behavior elicit strong opinions from Capitol Hill and beyond.
Earlier this month, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, called the CFPB the “single most powerful and least accountable Federal agency in all of Washington.” Hensarling’s colleague, Rep. Randy Neugebauer, R-Texas, Chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, recently suggested that the CFPB operates with a “lack of transparency and lack of accountability.”
And now, one U.S. Senator is calling the CFPB a “rogue agency” that needs to be seriously reined in.
“The reckless Consumer Finance Protection Bureau was spawned from the disastrous Dodd-Frank financial regulation law,” Senator David Perdue, R-GA, said.
“Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations without any oversight from Congress,” Perdue added. “On top of that, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public.”
Perdue is seeking to change all of that by introducing a budget amendment to make the CFPB subject to the Congressional appropriations process. “Currently, the CFPB operates under the Federal Reserve and is unaccountable to Congress,” Perdue’s office said in a release.