Texas Bankers Association Supports Congressman Hensarling Stance on CFPB
AUSTIN, Feb. 9, 2017 – In an editorial published by the Wall Street Journal today, Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, described the Consumer Financial Protection Bureau (CFPB) as a “rogue federal agency” that needs to be stopped.
The Texas Bankers Association (TBA) applauds Chairman Hensarling’s strong stance that the CFPB has harmed the very consumers it purports to help.
“The Texas Bankers Association wholeheartedly endorses this initiative of the esteemed
chairman who is seizing an historic opportunity to return to the forms of governance laid down in the U.S. Constitution, and renew American liberties.” says Eric Sandberg, president and CEO of the Texas Bankers Association.
Sandberg agrees with Hensarling’s sentiment that the CFPB, an unaccountable agency whose structure federal courts have deemed unconstitutional (PHH vs. CFPB), is not the right instrument for protecting consumers.
TBA supports Chairman Hensarling in advocating for the return of regulatory authority to the prudential regulators. When it works well, bank regulation helps ensure the safety and soundness of the overall banking system. When it does not — like in the case of the CFPB — it constricts the natural cycle of consumer and small business lending, job growth and economic expansion.
Consumers and borrowers should recognize that Chairman Hensarling intends to restore the opportunities to the free market as they transact business and every decision will not be left up to a federal agency.
Serving Texas bankers since 1885, TBA is the largest and oldest state bankers association in the nation.