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Where's the accountability?

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THe CFPB's structure differs fundamentally from every other federal agency that regulates private individuals and businesses. While its mandate is important, there is a shortcoming of checks and balances on its broad authority, causing a lack of regulatory transparency and institutional accountability.

Publicada em: Governo e ONGs
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Where's the accountability?

  1. 1. GET TO WHERE'S THE ACCOUNTABILITY? THE STRUCTURE OF THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) FRUSTRATES MEANINGFUL OVERSIGHT The CFPB'S structure differs fundamentally from every other federal agency that regulates private individuals and businesses. While its mandate IS important. there is a shortcoming of checks and balances on its broad authority, causing a lack of regulatory transparency and institutional accountability. LEADERSHIP THE CFPB DIRECTOR HAS UNCHECKED AUTHORITY Independent regulatory agencies are typically headed by a bipartisan commission whose members serve for fixed, staggered terms This ensures that agency leadership has the benefit of different viewpoints and establishes continuity over time. 1 N _ Q . ... ::: I 6 I I I I I I I Q V V I I I I I I I I I I I I V COMPARED TO ‘ ‘ CONSUMER FINANCIAL FEDERAL TRADE, SECURITIES AND EXCHANGE, PROTECTION BUREAU COMMODITY FUTURES TRADING, FEDERAL COMMUNICATIONS, one Duector Servmg afivevear ten“ AND CONSUMER PRODUCT SAFETY COMMISSIONS with tenure protection Five commissioners serving staggered five or seven-year terms The CFPB’: structure places more unreviewable power in the hands of a single unelected official than any other federal regulatory agency. OVERSIGHT THE CFPB LACKS ACCOUNTABILITY FOR ITS BUDGET AND POLICIES Our model of goverrirnent is built around a system of checks and balances However. there is no supervisory check or institutiorial couriterweight to the Cl-‘PB. CFPB ACCOUNTABILITV THE FEDERAL RESERVE THE PRESIDENT CONGRESS I The CFPB IS organizationally within and funded by the Federal Reserve But allocated funds are spent at the The CFPB'S riilemaking process is insulated from the Office of Management and Budget, and the Director's sole discretion, and the. Fed is uunuuun Bureau's Director can only he removed prohibited from modifying or over- ' ' . ' ' by the President. turning decisions made by the Bureau The CFPB'S budget is not subject to the appropriations process The CF'PB's decisions are not subject to reversal or alteration by Congress, the Office of Management and Budget, or the President. EXPANDING REACH THE CFPB'S REGULATORY AND ENFORCEMENT AUTHORITY IS EXTRAORDINARILY BROAD-AND EXPANDING The Cl-‘PB's reach is not limited to banks and other financial service. hiisinesses. It also has regulatory power over nonhank entities, including MORTGAGE ORIGINATORS. BROKERS 8- SERVICERS COMPANIES OFFERING % CONSUMER REPORTING PRIVATE STUDENT LOANS AGENCIES A/ COMPANIES OFFERING MONEY TRANSMITTING COMPANIES OFFERING PREPAID CARDS srnvrcrs g AUTHORITY oven 0 NON-BANK ENTITIES THE CFPB HAS STRETCHED ITS AUTHORITY BEYOND Q ’ CONGRES$’S INTENT / ,3 TO REACH TELECOMMUNICATIONS - mvns cousoss )< AUTO DEALERS AUTO LEASES Given the breadth of its regulatory reach and the absence of meaningful checks and balances on its authority, the CFPB'S actions deserve special scrutiny—especially proposed policies that could restrict credit for consumers and increase regulatory costs for businesses. LET'S GET OUR RULES RIGHT. AMERICANS DESERVE A REGULATORY SYSTEM THAT IS FAIR FOR EVERYONE. LEARN MORE AT I-’r'lr.3fillll. ::. 'l: ‘:lf‘1:3lir: ',r':1:. ‘v‘I‘1.rI L ET I [3 ET L" R wwvmuachambeLcom/ regulatory-reform/ rules-right-cfpb-sources U.8. CHAMBER OF COMM

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