Do Not Undercut the Essential Reforms of Dodd-Frank: Oppose the Financial CHOICE Act
The Financial CHOICE Act attacks the CFPB's structure and authority and would frustrate the CFPB's ability to fulfill its mission. Title III of the bill is aimed at obstructing the CFPB's ability to protect consumers from predatory financial products and practices. This title severely weakens the CFPB’s structure and authority in the following ways: Changes the structure of the CFPB from its current, effective single-director structure to a less effective five-member commission; Eliminates independent funding of the CFPB, putting it at the mercy of an annual appropriations process and...