Chamber of Commerce raises concerns about consumer protection act - Bills.com News

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Chamber of Commerce raises concerns about consumer protection act

Tuesday, Nov 3, 2009
By Lucy Sanderson

Credit card companies' fees and rate increases have driven some consumers to cease using cards and others into debt relief programs.

The government would have new powers to protect consumers if the Consumer Financial Protection Act is passed, but the U.S. Chamber of Commerce is raising objections to the act.

Their concerns stem from the increased regulatory authority that it would give the government. By eliminating existing preemptions of staterules, the act would give regulatory power to offices in all 50 states, complicating businesses' efforts to be compliant with the law.

There would not be either a guide to the companies subject to regulation or many checks on the federal government's power to regulate, the chamber claims. "The regulatory and legal uncertainty generated by the CFPA will result in a reduction of credit and credit choices for small business consumers," says the chamber.

David Hirschmann, president and CEO of the chamber's Center for Capital Markets
Competitiveness, adds that "the ability of the seven current federal regulators tasked with consumer protection" should be strengthened. "Creating a separate, giant new bureaucracy" would only complicate the problem, he argues, potentially driving more people to seek debt relief.

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