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Thursday, March 27, 2014

Cantor: CFPB Accountability Ingredient for Economic Growth

Increasing oversight of and accountability for the Consumer Financial Protection Bureau is part of the House GOP's agenda for "an America that works," House Majority Leader Eric Cantor (R-Va.) told attendees at ABA's Government Relations Summit yesterday. The CFPB is going after "the people who invest in and build this economy," he said, and needs additional oversight of its activities. Cantor discussed several CFPB accountability measures that have passed the House Financial Services Committee.

Noting several areas of U.S. economic potential -- energy, health care, higher education -- Cantor emphasized the role of bankers in "taking a risk to create value and create jobs... None of these superlatives would be there were it not for the deepest, most sophisticated and most developed system of banking and credit in the world."

During a question and answer period, Cantor said that the current housing finance system is "unacceptable" and said he saw a way of moving forward, resolving differences between the Senate Banking Committee's reform approach and Financial Services Committee Chairman Jeb Hensarling's PATH Act.

The ABIA has a task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.