ICYMI: Rep. Kelly to Consumer Watchdog

Jul 26, 2012 Issues: Government Oversight and Reform
Rep. Kelly holds the nearly 1,100 page CFPB rule designed to “simplify” mortgage applications.
ICYMI: Rep. Kelly to Consumer Watchdog


"You talk about these are common sense solutions or reforms that are going to make it easier. It’s not making it easier. It’s making it more difficult. Access to credit can’t be done over a long period of time, people need it now, if you need a transfusion of capital you need it now.”


Washington, D.C. — U.S. Representative Mike Kelly (PA-03) participated in yesterday’s House Oversight and Government Reform Committee, Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs, hearing titled, “Credit Crunch: Is the CFPB Restricting Consumer Access to Credit?”

The hearing continued the Subcommittee’s oversight of the Consumer Financial Protection Bureau (CFPB), which includes roughly 1,000 federal employees. The CFPB was created under the Dodd-Frank reform law and assumed full authority to regulate consumer financial markets in January 2012. The hearing examined how the CFPB’s regulatory actions affect access to credit and how the CFPB takes credit availability into consideration in the course of its supervisory, rulemaking, and enforcement work.