INFiN Statement on House Subcommittee Hearing on CFPB Transparency

April 16, 2024, Washington, D.C. – INFiN, a Financial Services Alliance, issued the following statement on the April 16 House Financial Services Subcommittee hearing entitled, "Agency Audit: Reviewing CFPB Financial Reporting & Transparency":

"With the reintroduction of fatally flawed, ill-informed national interest rate cap legislation, the sponsors and supporters’ intentions remain clearer than ever: to deny hardworking consumers the ability to access regulated credit options they need, trust, and value.

"We applaud the House Financial Services Subcommittee on Financial Institutions and Monetary Policy for examining the Consumer Financial Protection Bureau’s (CFPB) reporting and transparency. The CFPB has historically operated without proper accountability and this hearing serves as a welcome development to address that imbalance and bring essential oversight, especially as the Bureau finalizes new rules regarding non-bank registries, one of which skirts Congress’ Congressional Review Act disapproval of the Bureau’s prior arbitration rule, and other aggressive, arbitrary, and unnecessary regulations.

"INFiN supports a competitive financial services marketplace in which comparable products and services are regulated on a level playing field and consumers are empowered to choose the product that best meets their personal financial needs. We encourage lawmakers to continue to monitor the effect of the CFPB’s unchecked authority over non-bank financial services providers, the competitive financial services industry, and consumers alike, including weighing necessary reforms."