Chamber Of Commerce Urges Streamlining Of CFPB Operations

Posted by Orb Staff on February 20, 2013 No Comments
Categories : Residential Mortgage

13336_cfpb Chamber Of Commerce Urges Streamlining Of CFPB Operations The U.S. Chamber of Commerce has sent a letter to Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), that calls for a significant improvement on how the agency operates. reports that David Hirschmann, the Chamber's senior vice president, sent a letter last week to the CFPB that criticized the agency's overall regulatory process as being ‘duplicative,’ ‘confusing’ and ‘inconsistent.’ Hirschmann also complained about the CFPB's ‘adversarial’ practice of bringing enforcement attorneys to examination meetings, and he claimed that the CFPB refused to correct errors in its examination documents.

Hirschmann offered Cordray a series of suggestions on how to ‘eliminate inefficiency and unjustified burdens,’ including what Hirschmann claimed were ‘extremely expansive requests for information’ stretching back more than a decade.

‘It effectively gives carte blanche to bureau investigators to impose huge financial burdens on companies at the outset of an investigation,’ Hirschmann wrote. ‘We are not aware of any other agency that routinely issues such broad demands.’

The Chamber sent Cordray a similar letter last July, but says that it never saw its suggestions put into practice.

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