U.S. Rep. Randy Neugebauer (R-TX), chairman of the Financial Institutions and Consumer Credit Subcommittee, released prepared remarks that he presented Tuesday on the House floor in support of H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards (CFPB) Act.
“Mr. Speaker, today the House considers H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act,” Neugebauer said. “This bill is essential to provide small businesses a voice in the regulatory process, and to help ensure community banks and credit unions continue to have a voice at the CFPB going forward.”
Neugebauer emphasized the importance of small businesses in the community, and how hard-working Americans are silenced and burdened by regulations that benefit larger corporations. “We must remember that these businesses are, by and large, owned and operated by our neighbors and friends,” Neugebauer said. “They represent a life’s work and a vision of the American dream.”
The bill aims to give voice to small-business owners and financial institutions in the regulatory process. It would not cut spending on consumer protection, but instead would reduce the maximum amount that the CFPB can draw from the Federal Reserve over the same 10 years to offset the cost.
“To put this into perspective, the CFPB, by statute, can draw approximately $6.7 billion over this time period,” Neugebauer said. “The offset we are debating amounts to 0.1 percent of this amount.”
“H.R. 1195 is a straightforward and bipartisan piece of legislation,” Neugebauer said. “It would amend the Dodd-Frank Act to create a small-business advisory board to advise the CFPB.”
“The bill would also codify two other advisory committees created by (CFPB) Director (Richard) Cordray: the Credit Union Advisory Council and the Community Bank Advisory Council,” Neugebauer said. “Under H.R. 1195, each board or council would advise the CFPB regarding concerns of its established membership. The director of the CFPB would be required to appoint at least 15, but no more than 20 members to each board or council.”
To view the entire statement by Neugebauer, visit randy.house.gov/press-release/neugebauer-floor-remarks-hr-1195-bureau-consumer-financial-protection-advisory-boards.