Wis. Rep to Financial Services: Tell Me about CFPB Overreach

Financial services firms looking for a powerful ombudsman may have found their guy. Rep. Sean Duffy (R-Wis.) told financial services executives that if they encounter examples of regulatory overreach from regulators like the CFPB, they should contact his office and tell him all about it.

Duffy, speaking at the National Association of Federal Credit Unions’ Congressional Caucus this week, said that Congress has too little insight or oversight into what federal regulators are doing in the financial services space. The Congressman, who has made a name for himself as a regulatory watchdog in the last few years, made sure to single out the CFPB for its “Washington mentality,” that it assumes that anyone set on making profit in the financial services industry must also intend to bamboozle customers. He also expressed concern that Federal agencies like the CFPB have the power to shut down businesses just because they don’t like them.

“And the worst part is that Congress has no real effective oversight over [the CFPB],” Duffy added, as quoted today in the Credit Union Times. “If they do something wrong that causes you real pain, you might call your senator or congressman. But what can they do on your behalf? Write a letter!”

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