WASHINGTON, DC - Congressman Andy Ogles (TN-05) led several House Financial Services Committee Republicans in sending a letter to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, expressing strong opposition to the CFPB’s December 2022 proposal to establish a nonbank registry.
“The CFPB shouldn’t exist to begin with but at the very least it shouldn’t be proposing costly rules that violate the Consumer Financial Protection Act,”said Congressman Ogles.“This nonbank registry would impose severe and complex compliance measures on covered nonbank entities, including many small businesses. It’s an unnecessary, duplicative rule that pushes bureaucracy and costs onto the American people.”
“We appreciate Congressman Ogles' leadership in pushing back against the CFPB’s unconstitutional overreach which attempts to create name and shame lists and add unnecessary burdens to businesses working hard to have robust compliance programs.” - Scott Purcell, CEO of ACA International
Cosigners [10]: Reps. Andy Barr (KY-06), Pete Sessions (TX-32), Dan Meuser (PA-09), Blaine Luetkemeyer (MO-03), John Rose (TN-06), William R. Timmons, IV (SC-04), Monica De La Cruz (TX-15), Roger Williams (TX-25), Young Kim (CA-40), and Scott Fitzgerald (WI-05).
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This is a companion discussion topic for the original entry at https://ogles.house.gov/media/press-releases/rep-ogles-leads-effort-hold-consumer-financial-protection-bureau-cfpb