Strong majorities support the Dodd-Frank law that Congress passed in the aftermath of the financial crisis and oppose the provisions of the deregulation bill currently under consideration.
AFR submitted a statement to the Capital Markets Subcommittee of the House Financial Services Committee regarding a 2/14/18 hearing examining eleven different proposed bills affecting regulation of derivatives markets. Final AFR Statement For 2-14 Derivatives Hearing
It’s one more reason why it’s so important to have someone with a track record of protecting consumers running the CFPB, not someone who wants to destroy its work.
Consumer Response has essentially been an independent office housed in the Operations Division. As such, its research on consumer complaint trends has been equally available to all divisions and offices, including, for example, Supervision, Enforcement and Fair Lending; Research, Markets and Regulations; and Consumer Education and Engagement. Is this transfer designed to diminish the Consumer Response unit’s important role in helping all units of the agency collect and understand the ongoing complaints that consumers raise? What benefit does this transfer provide consumers and will this relocation affect the Complaint unit’s budget?
Fair Lending is a fundamentally important part of the work of the Consumer Financial Protection Bureau, and of a financial system that works for families and communities. The Office of Fair Lending and Equal Opportunity needs the authority, the resources, and the connections to key levers of change to do its job.
Charging that the single director structure — which helps make the bureau an effective consumer regulator, if that director is committed to the public interest — was unconstitutional evolved into a mainstay of attacks from Wall Street, predatory lenders, and their friends in Congress and the administration.