financialservices.house.gov

Cmte Financial Services (R)
Contact:


McHenry Statement on CFPB Decision to Rescind Policy Statement Clarifying “Abusiveness” Standard

Washington, Mar 11 -

Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) decision to rescind a policy statement that provided clarity on how it applied the "abusiveness" standard in supervision and enforcement matters:

“The CFPB is already backsliding to overregulation and unaccountability. Former Director Kraninger worked to provide clarity for businesses and consumers. By undoing this action, the CFPB will be free to abuse this overly broad authority once again. Unfortunately, I expect this is just the start of the CFPB’s snap-back to bad policy, abuse of power, and the political tactics we experienced during the Cordray-era.”