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house Bill H.R. 1195

Creating Advisory Boards in the CFPB for Small Business, Community Banks, and Credit Unions

Argument in favor

Small businesses, community banks, credit unions, and the people who use them are all affected by CFPB’s regulations. They should all have a seat at the table to voice their concerns.

Cary's Opinion
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04/08/2015
It makes sense to have an advisory opinion from those in the industry.
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bradhodges's Opinion
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04/02/2015
How can intelligent regulations be enacted without input from the businesses that are being regulated? While this may be a consumer protection agency it is still vital to hear the other side of anything.
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Sscm's Opinion
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04/06/2015
These institutions are the backbone of the American economy and they deserve a seat at the table to make sure that both sides of the story are weighed when making regulations.
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Argument opposed

Why should financial institutions and businesses have an advisory role in creating the regulations? The Consumer Financial Protection Bureau, is for consumers not businesses.

stimoceiver's Opinion
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04/01/2015
Sorry consumers need a venue where their voice is not drowned out by business and corporate interests
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Richard's Opinion
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04/03/2015
We must regulate businesses that run amuck and let consumers have the voice for regulations, not businesses.
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Scythan's Opinion
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04/04/2015
The danger in America today is the expansion of income inequity by corporate interests inserting themselves into every aspect of culture. As long as Sen. Warren and the CFPB stand up for consumers and the 99% then there is a chance to return this nation to greatness and not a classist society controlled by corporations and AstroTurf groups.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 22nd, 2015
    Roll Call Vote 235 Yea / 183 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 2nd, 2015

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Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
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Title

Bureau of Consumer Financial Protection Advisory Boards Act

Official Title

To amend the Consumer Financial Protection Act of 2010 to establish advisory boards, and for other purposes.

Summary

Bureau of Consumer Financial Protection Advisory Boards Act (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices. Requires Board members to be representatives of small business concerns that: provide financial products or services for use by consumers primarily for personal, family, or household purposes, are service providers to covered persons; and use consumer financial products or services in financing the business activities of such small businesses. Requires the Director, in making such Board appointments, to include members representing minority-, women-, and veteran-owned small business concerns and their interests, without regard to party affiliation. Requires the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively. Directs the Director, in making appointments to the Councils, to include members representing credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation. (Sec. 3) Prohibits the Director from requesting funds: (1) during FY 2020 in an amount that would exceed $655 million, and (2) during FY 2025 in an amount that would exceed $720 million.
    It makes sense to have an advisory opinion from those in the industry.
    Like (10)
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    Sorry consumers need a venue where their voice is not drowned out by business and corporate interests
    Like (18)
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    We must regulate businesses that run amuck and let consumers have the voice for regulations, not businesses.
    Like (8)
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    How can intelligent regulations be enacted without input from the businesses that are being regulated? While this may be a consumer protection agency it is still vital to hear the other side of anything.
    Like (6)
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    The danger in America today is the expansion of income inequity by corporate interests inserting themselves into every aspect of culture. As long as Sen. Warren and the CFPB stand up for consumers and the 99% then there is a chance to return this nation to greatness and not a classist society controlled by corporations and AstroTurf groups.
    Like (6)
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    These institutions are the backbone of the American economy and they deserve a seat at the table to make sure that both sides of the story are weighed when making regulations.
    Like (3)
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    At this point in time we need to work on regulating businesses, not set them free. We all know what happens when businesses are let lose and allowed to regulate themselves, they don't regulate themselves.
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    Making sure the public is protected from predatory practices is certainly a good idea, but not considering the impact on the very businesses providing financial services is not a logical path.
    Like (2)
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    Provides an avenue for businesses to offer input into the creation of regulations that affect them and the public.
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    The CFPB was created to protect people from these banks and credit unions. Why would you invite the Wolf to sit at the same table with the sheep and shepherd ?
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    I can think of no reason why businesses should have an advisory role in consumer financial protection. The same logic supporting this legislation would also have us consulting illegal aliens on immigration law and Iran on our next nuclear non-proliferation agreement.
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    This sounds like another layer of government, I am not sure why we would be doing this.
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    Because THE CFPB is for consumers, not for businesses
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    Government already has regulated this country into an abuss.... they are not our dictators. We the people have the last say in what they do, as they work for us. Notthe other way around......
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    It is important that local businesses and community leaders for the local levels also so we understand what people go through every day
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    Each area has it's own elements that provide for the people that surround it
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    Money has got to stop driving things. They can't be allowed in the back pocket of our leaders.
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    Financial self regulation has proven to be similar to allowing foxes to regulate chicken coops.
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    I think that those affected by the law should have the right to discuss those laws with law makers.
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    Business owners are also consumers. We should have opportunity for input, just as non-business-owner consumers.
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