A credit union witness is weighing in as part of the House Financial Services Subcommittee on Financial Institutions’ hearing on the future of the CFPB.  

Ana Fonseca, president/CEO of Logix Federal Credit Union, will testify on behalf of America’s Credit Unions at “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections.”  The hearing will be streamed live starting at 10 a.m. Eastern.  

Fonseca will testify how the CFPB’s shift away from its statutory consumer protection mission is taking away millions of dollars Logix Federal Credit Union could put to work for its members.  

Her testimony will also include recommendations for legislative changes to improve the CFPB.  

The hearing also covers several bills and legislative proposals supported by America’s Credit Unions, including: 

• Taking Account of Bureaucrats’ Spending (TABS) Act (H.R. 654), introduced by subcommittee Chairman Andy Barr, R-Ky., which would place the CFPB under the appropriations process;
• Making the CFPB Accountable to Small Businesses Act (H.R. 1606), introduced by Rep. Scott Fitzgerald, R-Wis., which would require the CFPB to consider the impact of proposed rules on small entities, and to justify its decision to not adopt certain alternatives to regulations applicable to small entities;
• Rectifying UDAAP Act (H.R. 1652), introduced by Barr, which would rein in the CFPB’s unfair, deceptive, and abusive acts and practices (UDAAP) authority;  
• A Congressional resolution of disapproval for the CFPB’s medical debt final rule, which prohibits creditors from using medical debt information in credit eligibility determinations and prohibiting consumer reporting agencies from including medical debt in reports to creditors;
• A draft bill to replace the CFPB director with a multi-member commission; and
• A draft bill to require the bureau to publish justification and cost-benefit analysis for its rulemakings.