The U.S. Chamber of Commerce has issued another warning to the CFPB, the second since July, for the watchdog’s inefficient and uncertain investigatory practices and supervision, saying that the agency continues to “cloud” its activities.
“The effect of this continued uncertainty and inefficiency is not simply to impose excessive, unjustified costs on legitimate businesses seeking to comply with the law,” U.S. Chamber CEO David Hirschman said, according to American Banker. “It directly constrains the lending, especially lending to small businesses that our economy desperately needs in order to grow and create jobs for the millions of Americans who remain unemployed.”
In its letter to the CFPB, the Chamber said that while the agency did provide information regarding its regulatory agenda and organization, it has yet to take action on any of its suggestions. The Chamber requested that the CFPB hire more experienced individuals, create consistency among examinations and clarify the role of the enforcement attorney who attends agency examinations.
“We are committed to doing what we can to achieve effective, efficient, complete implementation by engaging with all stakeholders in the coming year,” CFPB Director Richard Cordray said, American Banker reports. “We know that it is in the best interests of the consumer for the industry to understand these rules—because if they cannot understand, they cannot properly implement.”