"The Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act, is an agency intended to oversee consumer protection in the financial sector, but it is equipped with unprecedented authority over America’s financial system, defying the basic principle of separation of powers. The CFPB receives its funding directly from the Federal Reserve, which is not held to a minimal standard of transparency or accountability, and it is only subjected to limited congressional oversight – a semi-annual Financial Services Committee hearing with its Director.
The CFPB remains an opaque and                          dangerously                        unaccountable agency equipped with                        unrivaled power over America’s                        financial system and consumers’                         personal data. In actuality, it is using                        its power to adopt policies that often                        harm, rather than help, the very Americans                        it is tasked with protecting.
Consumers, community banks, and credit                        unions from across Virginia’s Fifth                        District have relayed to me troubling                        stories about the impact of the CFPB                        indicating that the agency’s                        unchecked authority is restricting consumer                        choice, creating an atmosphere of economic                        uncertainty, and imposing undue regulatory                        burdens that increase costs. This has                        extensive and harmful consequences for our                        economy. Small businesses, the backbone of                        our economy, are not able to access the                        capital they need to create jobs if their                        community banks are fighting bureaucratic                        red tape instead of providing loans.
Without appropriate oversight from                        Congress, the CFPB will be able to continue                        imposing sweeping and restrictive                        regulations on community financial                        institutions across the Fifth District at a                        time when access to credit for small                        businesses, farms, and families is more                        essential than ever. Real consumer                        protection requires that we shift power                        from bureaucrats in Washington who                        implement one size fits all regulations to                        those who are most affected. True consumer                        protection empowers consumers, not                        bureaucrats in Washington.
Last week, the House passed the                          Bureau                        of Consumer Financial Protection Advisory                        Boards Act, which would create a Small                        Business Advisory Board at the CFPB. This                        bill is critical in ensuring that the CFPB                        considers the broad-reaching negative                        effects on our most dynamic job creators. I                        was pleased to see it pass the House with                        bipartisan support, and I urge our                        colleagues in the Senate to continue                        working with us to promote success for our                        small businesses.
Though this bill was a crucial step in                        the right direction, it is just the first                        of many. Congressional oversight is                        essential to holding the CFPB accountable                        to the American taxpayers. Effective,                        appropriate consumer protections are best                        achieved through legislative reforms, not                        by empowering one unaccountable individual                        with such a crucial task. I look forward to                        continuing to work with my colleagues to                        advancing commonsense policies that will                        enhance accountability and transparency at                        the CFPB to ensure their actions do not                        come at the expense of Fifth District                        families and small businesses.
If you need any additional information                        or if we may be of assistance to you,                        please visit my website at                          hurt.house.gov                        or call my Washington office: (202)                        225-4711, Charlottesville office: (434)                        973-9631, Danville office: (434) 791-2596,                        or Farmville office: (434) 395-0120.
Robert met                        with Debbie Donehey of Flint Hill to                        discuss the many issues affecting                        restaurants in Virginia.
Robert                        visited with William Hopkinson from                        Charlottesville."
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