League supports reducing CFPB regulatory burden
Published by: Jared Weiser
January 24, 2024 | Government Affairs, Regulatory
People, families, businesses, and community needs are best served when there is a balance between the impact and cost of regulation, and the benefits to credit union members. That’s why the League recently asked members of the Ohio Congressional Delegation to Co-Sponsor H.R. 6789, the Rectifying Unfair, Deceptive, Acts and Practices (UDAAP) Act. Sponsored by Rep. Andy Barr (KY-06), this legislation would amend the Consumer Financial Protection Act of 2010 to clarify standards for UDAAP enforcement actions brought by the Consumer Financial Protection Bureau (CFPB).
The bill reforms the UDAAP authority granted to the CFPB by the Dodd-Frank Act to provide certainty for lenders and credit providers. Regulatory uncertainty leads to fewer choices and higher prices for consumers, and the agency tasked with protecting consumers should not be complicit in the regulation causing these outcomes. HR 6789 would alleviate that by requiring the CFPB to provide the transparency financial institutions need to serve consumers and ensure ample access to credit in our consumer markets.
