The ACA advocates for the adoption of the CFPB Commission bill during the …
During National Small Business Week, ACA International continues to support legislation from U.S. Representative Blaine Luetkemeyer, R-Mo., A member of the House Committee on Small Business Ranking, that would improve the regulatory environment for small businesses.
In a letter to Luetkemeyer, who attended a small business committee hearing on Tuesday, “National Small Business Week: Celebrating Our Main Street ChampionsACA reiterated its support for a change in the leadership structure of the Consumer Financial Protection Bureau.
Luetkemeyer, who is also a senior member of the House Subcommittee on Consumer Protection and Financial Institutions, is seeking to replace CFPB’s one-director leadership structure with a bipartite commission of five members.
“As the country celebrates National Small Business Week, we appreciate this kind of legislation, which is essential to reduce the uncertainty and unnecessary costs created by the current CFPB structure,” said the CEO of ACA, Mark Neeb, in the letter to Luetkemeyer.
For over 50 years, National Small Business Week, hosted by the US Small Business Administration, celebrated the contributions of independent local small businesses in every American community.
Most ACA member debt collection firms are small businesses, nearly 85% of which have fewer than 49 employees.
Luetkemeyer also spent a resolution recognizing September 13-17, 2021, as National Small Business Week.
“This week and every week, we celebrate the resilience and determination of our nation’s small businesses as they continue to face immense unforeseen challenges. Luetkemeyer said in a Press release. “Small businesses are the engine that drives our nation’s economy and the lifeblood of communities across the country. We remain committed to providing Main Street USA with the tools they need to get back on their feet and reopen their businesses. “
Luetkemeyer also announced that Republican members of the House Small Business Committee will spend the week visiting small businesses in their district to hear their concerns and celebrate their achievements as innovators and job creators.
Its legislation to reform the leadership of the CFPB is expected to be reviewed by the House financial services committee.
The ACA has advocated for similar legislation from the 116th Congress and continues to support the installation of bipartisan leadership – similar to the Federal Trade Commission and Federal Communications Commission – in the office, the ACA reported previously. .
“The ACA supports your recently introduced legislation to replace the single administrator post at CFPB with a bipartite commission,” Neeb said in the letter to Luetkemeyer. “The regulatory certainty that comes from a commission rather than a single administrator benefits the entire financial services market and consumers. “
The ACA is also urging the Senate to introduce similar legislation.
Luetkemeyer’s legislation is co-signed by each Republican member of the House Financial Services Committee.
“The office is constantly used as political football because of the almost limitless power of its director. Allowing one person to exercise such uncontrolled authority over our economy is irresponsible and bordering on negligence, which is precisely why many financial regulators are governed by a commission, ”Luetkemeyer said in a statement. Press release. “The CFPB is currently overseen by a single interim director who continues to make major and partisan political decisions as he sees fit. The need for a bipartite commission has never been clearer.
“My bill provides for increased accountability and transparency so that the American people can trust the CFPB to do its job without political motivation,” he said.
The full text of the bill is available here.
To receive notifications about ACA content, including member alerts, upcoming events and new products.send ALERTS to 96997.