Transition Tracker | Former Rep. Neugebauer Discusses Importance of Credit Access with President-elect

WHAT HAPPENED

Yesterday, President-elect Trump met with former Congressman Randy Neugebauer (R-TX), who is among those under consideration to head the Consumer Financial Protection Bureau (CFPB) if Trump removes current director Richard Cordray. “We discussed ideas about how to ensure consumers have access to credit and innovative financial product choices,” said Neugebauer. Neugebauer also told The Financial Times, “what Trump knows is that access to credit is extremely important. So I think he’s going to be sensitive to an agenda that says, you know what, we may have wound these regulations up so tight that we’re not able to get credit out to the people that can create jobs.”

WHAT IT MEANS FOR AFSA MEMBERS

Neugebauer, the previous chairman of the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee, has long been a critic of the CFPB’s regulatory overreach and a strong proponent of CFPB reform. During the last Congress, Neugebauer was responsible for introducing a bill to replace the director with a bipartisan, five-member commission.

WHAT AFSA IS DOING

AFSA has worked with Neugebauer during his time in Congress and is encouraged by his conversation with President-elect Trump about the importance of ensuring access to credit.