AFSA Supports H.R. 5485, House Financial Services and General Government Appropriations Act

On Thursday, AFSA submitted a letter to House Speaker Paul Ryan (R-WI) supporting H.R. 5485, the House Financial Services and General Government Appropriations Act, 2017. The letter expresses particular support for sections 502 and 503 which would subject the Consumer Financial Protection Bureau (CFPB) to the annual appropriations process and reconstitute the agency as a five-member commission.

AFSA also applauded the inclusion of sections 506 and 639 which prevent the regulation of pre-dispute arbitration agreements and prohibiting the enforcement of rules seeking to limit consumer access to short-term, small-dollar credit until after FY 2017 respectively. Section 639 also requires the CFPB to provide a meaningful analysis to Congress of any rule.