Luetkemeyer on Lawsuit Against Overreaching CFPB
Washington, September 28, 2022
Tags: Financial Services
WASHINGTON, D.C. – Today Congressman Blaine Luetkemeyer (MO-03), top Republican on the Subcommittee on Consumer Protection and Financial Institutions released a statement regarding a lawsuit filed by the U.S. Chamber of Commerce, Consumer Bankers Association, American Bankers Association among others against the Consumer Financial Protection Bureau (CFPB). The lawsuit is a challenge to the CFPB’s unfair, deceptive, or abusive acts and practices (UDAAPs) supervisory policy and the recent changes to CFPB administrative adjudication procedures that deviate significantly from past practices.
“As the Biden Administration’s agenda continues to lose the support of the American people and Congress, its radical regulators continue to exceed their legal boundaries. Director Chopra’s actions have made it clear he answers only to himself and his own whims – an extremely inappropriate way for a government official to operate. Today’s action from non-partisan business and banking associations is a welcomed statement that ‘enough is enough.’ The American people deserve a CFPB that operates with transparency and respects the rule of law, and it’s long past time the Administration be held accountable for doing neither,” said Luetkemeyer.
Background: On May 19, 2022, Congressman Luetkemeyer and House Financial Services Ranking Member McHenry led a letter with Committee Republicans to Director Chopra on the Bureau’s radical interpretation of UDAAP policy and inappropriate changes to CFPB procedures. The release and full letter can be found HERE.