A letter from the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness spells out a 12-step plan to bring more transparency to the Consumer Financial Protection Bureau.
“n many ways, the creation of the CFPB… has made it more, rather than less difficult for companies to know what is expected of them,” writes CCMC President and CEO David Hirschmann. “Unfortunately, the Bureau has also taken a number of steps that have caused confusion and uncertainty in the business community.”
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Among the 12 steps the CCMC recommends for the CFPB in a letter to Director Richard Cordray is a request for a new definition. The Chamber arm says the CFPB has been unclear about how it defines “abusive” financial practices, and that establishing a concrete definition would “provide much needed clarity to legitimate businesses trying their best to ensure that their actions comply with the law.”
The full seven-page letter is available online.
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