May 3, 2011
Leaders at prominent consumer activities organizations say the three bills seeking to amend the Consumer Financial Protection Bureau would significantly weaken the agency’s ability to regulate, reports AdvisorOne.
“All three of these bills would ensure a weak and timid CFPB,” said Travis Plunkett, legislative director at the Consumer Federation of America, during a conference call.
Ed Mierzwinski, director of U.S. PIRG’s consumer program, argued on the same call that the bills “aren’t about reasonable oversight [of the CFPB],” but instead “they are an attack on consumer protection.”
“The Responsible Consumer Financial Protection Regulations Act of 2011” (H.R. 1121) was introduced by Rep. Spencer Bachus (R-AL), chairman of the House Financial Services Committee. Bachus’ bill would put leadership of the CFPB under a five-member panel instead of a sole director. Plunkett claims the board set-up would “stop the [CFPB] from acting quickly in helping consumers.”
Another bill, currently nameless, would delay the launch of the CFPB until a director has been approved. “The Consumer Financial Protection Safety and Soundness Improvement Act of 2011” (H.R. 1315) is also up for consideration.
H.R. 1315 would “expand the ability of other regulators to ‘veto’ proposed rules by the CFPB,” according to Plunkett. “[This bill] is a very dangerous piece of legislation because it would handcuff the CFPB and make it hard for [the agency] to do its job.”
Click here to read more of Plunkett and Mierzwinski’s comments, including their thoughts on Elizabeth Warren.
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