Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, CFPB's larger participant rule does not apply any new consumer protection standards. It only helps the Consumer Financial Protection Bureau ensure that Big Tech companies comply with the laws they must already follow. Both banks and nonbanks are already subject to Federal consumer financial protection laws, but Consumer Financial Protection Bureau supervision is a key tool to ensure that Big Tech follows the law and does not misuse consumer data and that consumers are not being scammed, defrauded, or unlawfully debanked. This rule allows the Consumer Financial Protection Bureau to also conduct routine exams of the 17 largest nonbank payment apps that facilitated $12.8 billion payment transactions in 2021 with a total dollar value of about $1.7 trillion. This is not the first time the Consumer Financial Protection Bureau has used this authority in this way. The Consumer Financial Protection Bureau previously issued five larger participant rules to examine the largest nonbanks with respect to consumer reporting, consumer debt collection, student loan servicing, international money transfers, and automobile financing. Why should Big Tech get special treatment? Why should they be treated any differently? Our colleague, the gentleman from Nebraska (Mr. Flood), claimed that the Consumer Financial Protection Bureau did not conduct sufficient cost-benefit analysis for this rule, but that is not accurate.…”