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.

Discover it® Apply Now

See Details

Discover it®

Special Offer: 0% Intro APR* on purchases and balance transfers for 14 months

Editor Rating:

Chase Slate® Apply Now

See Details

Chase Slate®

Special Offer: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Chase Freedom® Apply Now

See Details

Chase Freedom®

Special Offer: 15 month 0% intro APR plus $100 bonus after your first $500 in purchases within the first 3 months of cardmembership

Editor Rating:

Citi® Platinum Select® / AAdvantage® World MasterCard® Apply Now

See Details

Citi® Platinum Select® / AAdvantage® World MasterCard®

Special Offer: No annual fee the first 12 months of cardmembership

Editor Rating:

Barclaycard® Ring MasterCard® Apply Now

See Details

Barclaycard® Ring MasterCard®

Special Offer: Low 8% (V) APR on purchases and balance transfers

Editor Rating: