Chamber of Commerce Again Calls for Improvements in CFPB

The Consumer Financial Protection Bureau has received a second letter from the U.S. Chamber of Commerce, calling on the agency to make some significant changes in its operation.

David Hirschmann, the senior vice president of the Chamber, sent a letter to CFPB Director Richard Cordray on February 14, saying the CFPB's uncertainty and inefficiency imposes excessive and unjustified costs on businesses trying to comply with the law. This does damage to the nation's economy which needs lending to occur to create additional jobs.

The letter cites a number of operational improvements that should be made at the Bureau. These include:

  • better training of the CFPB supervision staff
  • establish a more consistent approach to examinations
  • limit the involvement of enforcement attorneys during examinations to create a more non-adversarial process
  • limit the amount of information requested during these exams to cut down on the costs

The first letter from the Chamber to the CFPB was sent in July 2012.