"The bureau must reject dangerous proposals in this RFI process, regarding External Engagements and other key agency functions such as Investigations, Enforcement, Rulemaking and Complaint Response, that would sabotage its work and mission to ensure consumers are treated fairly by powerful financial institutions. The bureau must continue its record of seeking public input and taking action to hold bad actors accountable for wrongdoing and harm they cause."
NACA submitted comments in response to the Consumer Financial Protection Bureau's Request for Information on its Enforcement Processes. NACA is concerned that the CFPB has issued this and other public Requests for Information as an opening to revamp its internal processes and hinder activities meant to protect consumers and the financial markets.
NACA submitted comments responding to the Consumer Financial Protection Bureau’s (CFPB or bureau) Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes.
For Immediate Release:
U.S. Senate Votes to Nullify Federal Safeguards Against Discrimination in Auto Lending
Reversing CFPB Guidance Would Invite Confusion on Past Regulatory Actions
In a letter to the Senate Banking Committee which was holding a hearing on the Consumer Financial Protection Bureau's Semiannual Report, NACA said,
In its letter to the House Financial Services Committee for its hearing on the CFPB Semiannual Report to Congress, NACA said: "Since the CFPB’s inception, NACA has supported the bureau’s mission and commended its tremendous commitment to curbing predatory and illegal business practices in the consumer finance sector. However, the agency’s recent actions (and inaction) over the last several months indicate a willingness to abandon its duty to protect consumers in the financial marketplace.
Washington, D.C. – In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has proved itself integral to curbing predatory lending and other practices that harm American consumers every day, a survey from the National Association of Consumer Advocates (NACA) shows.