AFSA backs legislation for increased oversight on CFPB

AFSA has expressed its support for Representative Andy Barr's reintroduction of the Taking Account of Bureaucrats’ Spending (TABS) Act. This legislation aims to bring the Consumer Financial Protection Bureau (CFPB) under congressional review and align its budgetary process with traditional appropriations. Presently, the CFPB is funded directly by the Federal Reserve.

Bill Himpler, President and CEO of AFSA, was quoted in Representative Barr’s press release stating, "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. 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 proposed change is intended to enhance transparency and accountability within the CFPB while maintaining access to affordable credit products for American consumers.