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U.S. Chamber to CFPB: Stop setting policy through enforcement actions
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Consumer Protection
Friday, February 21, 2014
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The Consumer Financial Protection Bureau’s practice of setting compliance expectations via enforcement actions and brief guidance statements has made it “virtually impossible for companies to determine in advance what they should do to comply with the law” in certain circumstances, according to the U.S. Chamber of Commerce. David Hirschmann, president and chief executive officer of the Chamber’s Center for Capital Markets Competitiveness, recently urged the CFPB to instead seek broad stakeholder input and clarify its compliance expectations in some specific areas.
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