The Consumer Financial Protection Bureau (CFPB), constituted by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is not a federal agency structured in an effective manner to achieve its stated goals of protecting American consumers. Encumbered by no legislative oversight, the CFPB creates its own regulatory agenda and, at will, is able to make unilateral policy decisions that rightly belong to the jurisdiction of elected officials in Congress. Moreover, these unchecked policy decisions potentially pose a threat to American consumers and the businesses that provide them goods and services.
While the mission of the CFPB is a laudable one, substantive reform is necessary to ensure the principles of consumer choice and freedom are also protected in the course of the agency’s pursuit of consumer protection.
Since the CFPB has shown time and again that they are resistant to the reforms that are needed to make them the accountable and credible agency that American consumers deserve, the US Consumer Coalition launched the Consumer Protection Initiative.
The Consumer Protection Initiative seeks to advance key reforms, including:
- Replacing the Consumer Financial Protection Bureau’s (CFPB) single-Director leadership structure with a bipartisan commission.
- Creating an independent, presidentially appointed, Inspector General solely for the Bureau.
- Subjecting the CFPB to the same Congressional oversight under the annual appropriation process that virtually every other federal agency receives.