H.R. 1265: The Bureau Advisory Commission Transparency Act (for CFPB)

By SBE Council at 13 April, 2015, 9:45 am

The Honorable Sean Duffy

United States House of Representatives

Washington, DC  20515

Dear Representative Duffy:

The Small Business & Entrepreneurship Council (SBE Council) is pleased to support H.R. 1265, the “Bureau Advisory Commission Transparency Act.”

H.R. 1265 is a reasonable and needed measure that applies the Federal Advisory Committee Act (FACA) to each advisory committee of the Consumer Financial Protection Bureau (CFPB) to ensure meetings are subject to public disclosure and attendance.

CFPB’s work has not been transparent, yet it has the power to regulate practically all financial products and services. SBE Council is very concerned about potential regulatory actions by CFPB that will impact the cost and availability of capital for entrepreneurs, as well as regulatory intrusions that will deter innovation and stifle innovative firms in the financial services industry.

As a government entity with extraordinary power, the CFPB should be subject to federal laws that shed sunlight on the bureau’s workings and processes.  The CFPB should welcome efforts to make it more open and accountable.

SBE Council looks forward to working with you to enact H.R. 1265 into law.

Sincerely,

Karen Kerrigan, President & CEO