Blaine Luetkemeyer: “My colleagues have done a good job of listing some of the problems of CFPB. I would like to give you an example of some…”

“My colleagues have done a good job of listing some of the problems of CFPB. I would like to give you an example of some of the overreach of this new agency already. A small community bank in my district, they purchased a small lending company. With that lending company comes the lease of the building that they are operating their office out of. The CFPB comes in and says the lease is $300 per month over the course of 9 months over what the rate should be for that area. They go in and tell the bank that they are going to fine them $107,000 for this lease, which is nothing the bank made. It doesn't impact consumers, yet they are fined $107,000. The bank eventually settles for $80--plus $30,000 in attorneys' fees. Mr. Chairman, this is an example already of this new agency's overreach. It has got to stop. H.R. 3193 does that. I urge support for that bill.”