Political Quotes

“Mr. Chairman, the CFPB is essentially orchestrating a name-and-shame scheme with this registry, and it is openly weaponizing the power of the Federal Government to target market participants. It could be weaponized, and it could be leveraged. So if they don't like how you operate, Mr. Chairman, if you are not woke enough, or if you are not green enough, then they can put on a registry. To be clear, the CFPB does not have the authority to promulgate a robust set of registration requirements, nor does it have the authority to establish a database for a particular category of information. Such a registry will result in cost compliances and measures for covered nonbank entities, many of which are small businesses. We are hearing this from the banking sector and from the adjacent sectors as well that the cost of compliance, because of the CFPB and because of the rulemaking, is off the charts. Ultimately, the consumer pays that cost. Mr. Chairman, I reserve the balance of my time.”