In a Feb. 11 letter to the U.S. House of Representatives, Americans for Financial Reform (AFR), along with the group’s partners and other consumer groups, urged Congress to oppose HR 3193, a bill that calls for significant changes to the Consumer Financial Protection Bureau (CFPB), including eliminating the director position in favor of a bi-partisan commission to lead the agency.
Along with changing the leadership of the CFPB, HR 3193, named the “Consumer Financial Freedom and Washington Accountability Act,” seeks to subject the bureau to the appropriations process, allow for an easier procedure for setting aside the agency’s regulations and restrict the collection of consumer information.
Trade associations such as the American Bankers Association and the National Association of Federal Credit Unions have asked Congressional representatives to support the bill, looking to for increased transparency and accountability.
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