CFPB Service Provider Bulletin Created Market Uncertainty, ALTA President Tells Congress
May 22, 2014
Testifying before the Financial Institutions and Consumer Credit subcommittee of the House Committee on Financial Services, ALTA President Rob Chapman outlined ways to improve transparency and accountability at the Consumer Financial Protection Bureau. He used the Bureau's 2012 service provider as an example of how the lack of transparency can create negative consequences. By not providing more guidance and not seeking industry feedback, the CFPB has left businesses shooting in the dark attempting to invest in systems and processes to protect consumers and lenders. To improve outcomes for consumers and industry, Chapman encourage Congress to pass a bill that would create a small business advisory panel at the CFPB. Read on for details.
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