For Immediate Release
AFSA Media Contact: Karen Klugh
Transparency and Education among Top CFPB Priorities
Identified by the American Financial Services Association
WASHINGTON, December 2, 2010…What will the Consumer Financial Protection Bureau, or CFPB as it’s more commonly known, look like a year or two from now? A hot topic in the financial services industry for some time, the bureau’s future was the subject of discussion at the Consumer Federation of America’s Financial Services Conference this morning.
“As Elizabeth Warren said, building this bureau the right way from the onset is critical. The industry appreciates having input into the process and the opportunity to share our priorities,” said American Financial Services Association (AFSA) president and CEO Chris Stinebert during a panel discussion that followed opening remarks from Elizabeth Warren, the special advisor to the Treasury Secretary tasked with getting the bureau off the ground.
Simplifying disclosures, ensuring transparency and clarity in all financial services transactions, enforcing regulations consistently, and streamlining processes to eliminate overlapping regulations are among the priorities that Stinebert would like to see the CFPB focus on first.
“The bureau must set clear goals and priorities, but we must keep in mind that it can’t be all things to all people,” Stinebert said. “We need to balance innovation and complexity with consumer understanding.”
Emphasizing that everyone wants consumers to be able to compare and contrast what they buy, Stinebert made the case for financial literacy. “We can’t protect everyone from making bad decisions, but we can take steps to educate them. We need to mandate financial literacy educational requirements for all schools in every state,” Stinebert said.
Based in Washington, D.C., AFSA (www.afsaonline.org) is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 350 members include consumer and commercial finance companies, auto finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry suppliers.
Transparency and Education among Top CFPB Priorities Identified by the American Financial Services Association