American Financial Services Association (AFSA) Statement
on Proposed Structural Reforms to the CFPB
By Chris Stinebert, AFSA President & CEO
October 29, 2013
“AFSA supports reforms to the CFPB’s governance that will encourage a dynamic consumer credit marketplace and promote consumer choice.
The CFPB’s governance could be improved if Congress established a multi-member commission with at least one seat held by an official with state-level experience overseeing consumer credit.
Consumer finance companies play a key role in providing lending options to borrowers, many of whom are underserved by banks and credit unions. These nondepository institutions operate under a different business model than depositories.
Congress should ensure that our federal financial regulators are led by officials who understand the nuances of consumer credit and the various kinds of institutions that provide it.”
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 partners.
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AFSA Statement on Proposed Structural Reforms to the CFPB