Consumer Financial Protection Agency

Where We Stand

The Obama Administration has proposed, and the House is moving forward on, legislation to create a massive new government agency to regulate consumer financial products. This new agency, the Consumer Financial Protection Agency (CFPA) would have unprecedented powers and authority to determine the types of financial products consumers can choose from. In fact, the bill extends far beyond traditional financial services products to a vast majority of the economy -- in short creating a new regulatory overlay over the entire business community. The Chamber supports more effective consumer protection that is centered on ensuring consumers have access to clear and concise disclosures about risks posed by financial products, and on weeding out the fraudulent and predatory actors.

“Everyone wants to protect the consumer, there’s no argument there, but if it becomes more difficult for small business owners to get credit lines, get money, and none of them can right now, they can’t hire, they can’t grow, they can’t expand.”
- Mark Ryan, Littleton, CO

“If... the enforcement is handled so that bad actors are taken out of the game, as opposed to increasing regulation for all companies, it will be better for the economy all around.”
- Fran Fisher, Fairfax, VA

“Small business owners already face the tightest credit environment many have ever seen. A further tightening of credit, or more expensive pricing of credit when it is available, as a result of CFPA, unfairly punishes small business owners when their participation in the economy is crucial to recovery. We can't allow this to happen."
- Jeff Walters, Billings, MT