Rep Cmte Financial Services

Committee Wants to Hear From Americans About Consumer Bureau’s Impact on Their Lives and Livelihoods

Washington, Jan 27 -

The House Financial Services Committee wants to hold the Bureau of Consumer Financial Protection (CFPB) accountable, so it’s asking those who have been impacted by the Bureau’s work to come forward and tell their story.

Starting this week, the committee’s website offers individuals a web form to let committee members know how the CFPB has impacted them as consumers, as business owners or how the Bureau has affected their customers.

“Holding Washington accountable to hardworking taxpayers is a never-ending battle.  That’s especially true when it comes to the Bureau of Consumer Financial Protection, the most powerful and least accountable government agency in all of Washington,” said Chairman Hensarling (R-TX).

“The Financial Services Committee is committed to true consumer protection.  True consumer protection means you not only protect consumers from ‘Wall Street’ but from Washington as well.  True consumer protection means ensuring consumers have access to competitive, transparent and innovative markets vigorously policed for fraud and deception.  True consumer protection empowers consumers with greater economic freedom, accurate information, and more choices.  There is certainly a role for government when it comes to consumer protection, but Washington’s role must be focused and Washington must be held accountable,” Chairman Hensarling said. 

The committee’s web form gives individuals the choice of having their story shared publicly or kept confidential.  The committee website also explains that individuals who would rather call to record their story about the Bureau’s work can dial (240) 490-2372 and leave a message.

“Since many citizens today justifiably fear reprisals when it comes to speaking their mind about Washington agencies – just witness the IRS scandal – they can tell us if they don’t want their story shared with anyone else.  We will not share any story or personal information without permission,” Chairman Hensarling said.

The committee is already hearing from individuals and organizations about how the CFPB’s first major regulations – its “Qualified Mortgage” rules – will take away homeownership opportunities for low and middle income Americans. 

At a Financial Institutions and Consumer Credit Subcommittee hearing earlier this month, Frank Spencer, the president and chief executive officer of Habitat for Humanity’s affiliate in Charlotte, NC, said the regulations “threaten the continuing work of many Habitat affiliates.”

“Thanks to Obamacare, Americans now know what happens when Washington’s central planners choose their health care for them.  With the CFPB’s Qualified Mortgage rule that just went into effect, they’re about to find out what happens when those same Washington elites are entrusted with deciding who gets a mortgage and on what terms,” said Chairman Hensarling.