Undermining the CFPB: Chamber Seeks Light Regulation of Credit Cards by Limiting Powers of the Consumer Financial Protection Bureau
As congressional Republicans threaten to shut down the government over ideological policy provisions including an attempt to eviscerate the U.S. Consumer Financial Protection Bureau (CFPB), Public Citizen’s U.S. Chamber Watch released a report documenting the business lobby’s efforts and arguments against the new agency’s benefits to consumers.
The analysis is contained in the second of three reports on the Chamber’s broad attack against Wall Street reform. Titled “Undermining the CFPB,” the report highlights the Chamber’s defense of the onerous credit card terms megabanks promote at the expense of consumers. It also looks at the Chamber’s attempt to stifle dialogue between the CFPB and the U.S. Department of Defense as the agencies work to protect members of the military from predatory lending – a goal especially important for vulnerable service members deployed overseas.