The CFPB is not the CIA or Why a New Bill is Pushing for Full Transparency

Published: Mar 21, 2014

Republican Sean Duffy has introduced a bill that aims at increasing transparency at the Consumer Financial Protection Bureau (CFPB). If passed, the law will put the CFPB under “the same scrutiny as every single other commission, regulatory body and government body with the exception of the CIA and the Federal Open Market Committee.”

The proposition follows criticism from another republican, Jeb Hensarling, who (during “Sunshine Week”) disapproved of CFPB’s secretive policy and closed doors meetings. The CFPB replied back that it doesn’t fall under the regulations of the Federal Advisory Committee Act (FACA), a law that tries to bring more information about government consumer advisory meetings.

The CFPB does not receive taxpayer money, but under FACA, it’s meeting should be open to the public, because it’s still a government body with regulatory functions. Still, Mr. Duffy’s request to attend one of their sessions at the end of February was denied.

Read the full article at the Housing Wire.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.