Chandler, Holden Respond to CFPB’s “Know Before You Owe” Initiative
May 18, 2011
Today Congressman Ben Chandler (KY-06) and Congressman Tim Holden (PA-17), Chair and Vice-Chair of the Blue Dog Task Force on Oversight and Regulatory Review, issued the following statements in response to the announcement by the Consumer Financial Protection Bureau (CFPB) on the "Know Before You Owe" initiative, an effort to simplify the mortgage disclosure forms and seek input from consumers and community banks. The Blue Dogs recently sent a letter urging Dr. Elizabeth Warren, Special Advisor to the Secretary of the Treasury on the CFPB, to address the overly burdensome financial regulations that slow job growth and fail to improve consumer protections.
"Doing what is best for consumers and for community banks is not mutually exclusive," Congressman Chandler said. "Citizens and local banks now have the chance to weigh in on major rule changes before they become permanent, which could clarify the process for consumers and cut red tape for small struggling banks. I hope people take advantage of this unprecedented opportunity to participate in the process. This is a step in the right direction, and I'll continue to work with regulators to take more steps to help consumers and Kentucky's local banks in the future."
"I have been contacted by many of my community bankers expressing their frustration with the burdensome regulations contained in the Real Estate Settlement Practices Act and the Truth in Lending Act and the violations they were facing," said Congressman Holden. "They also expressed how it was negatively impacting their consumers. I'm glad to see CFPB looking to make things easier for both the consumer and the bank and for seeking input from both."
The Task Force on Oversight and Regulatory Review is responsible for taking a look at the nearly 8,000 regulations issued annually by the federal government and for analyzing these new rules to ensure Congressional intent is appropriately followed. Under the leadership of Chair Ben Chandler (KY-06) and Vice-Chair Tim Holden (PA-17), the Task Force monitors implementation efforts, identifies overly burdensome regulations and seeks to modify rules problematic to job creation.
"Doing what is best for consumers and for community banks is not mutually exclusive," Congressman Chandler said. "Citizens and local banks now have the chance to weigh in on major rule changes before they become permanent, which could clarify the process for consumers and cut red tape for small struggling banks. I hope people take advantage of this unprecedented opportunity to participate in the process. This is a step in the right direction, and I'll continue to work with regulators to take more steps to help consumers and Kentucky's local banks in the future."
"I have been contacted by many of my community bankers expressing their frustration with the burdensome regulations contained in the Real Estate Settlement Practices Act and the Truth in Lending Act and the violations they were facing," said Congressman Holden. "They also expressed how it was negatively impacting their consumers. I'm glad to see CFPB looking to make things easier for both the consumer and the bank and for seeking input from both."
The Task Force on Oversight and Regulatory Review is responsible for taking a look at the nearly 8,000 regulations issued annually by the federal government and for analyzing these new rules to ensure Congressional intent is appropriately followed. Under the leadership of Chair Ben Chandler (KY-06) and Vice-Chair Tim Holden (PA-17), the Task Force monitors implementation efforts, identifies overly burdensome regulations and seeks to modify rules problematic to job creation.
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