American Financial Services Association CEO: TABS Act would ‘reform the CFPB, improve its transparency and accountability’

The head of the American Financial Services Association (AFSA) said his organization supports the “Taking Account of Bureaucrats’ Spending (TABS) Act, which could require the Consumer Financial Protection Bureau (CFPB) to be subject to the same congressional appropriations process required of other federal agencies.

The CFPB is currently not subject to that process and is instead funded directly fro the U.S. Federal Reserve.

“AFSA strongly supports Representative Barr’s TABS Act to reform the CFPB, improve its transparency and accountability, and to ensure that affordable credit products and services are available for American households,” said Bill Himpler, president and CEO of AFSA. “By bringing the CFPB under traditional congressional oversight, financial institutions will have clear rules of the road while empowering Americans to achieve their economic goals.”

The bill was introduced this week U.S. Rep. Andy Barr (KY-06), chairman of the House Financial Services Subcommittee on Financial Institutions.

“The CFPB is the most unaccountable and unchecked agency in the entire federal bureaucracy,” said Barr in a statement. “By reintroducing the TABS Act, I am taking action to bring the CFPB under the scrutiny it desperately needs.” 

Established in 1916, AFSA is a national trade association for the consumer credit industry in the United States. Headquartered in Washington, D.C., AFSA represents a wide range of financial services companies, including consumer and commercial finance companies, auto finance companies, mortgage lenders, credit card issuers, and industry suppliers. The association advocates for its members at both the federal and state levels, focusing on legal, regulatory, and legislative issues related to consumer credit.