Jefferson Reporter

American Banker has published a column by U.S. Senator Katie Britt, highlighting concerns about the Consumer Financial Protection Bureau (CFPB). The Senator calls for Congress to implement stronger oversight to address what she sees as the agency's overreach.

Senator Britt describes the CFPB as a powerful entity established after the 2008 financial crisis. She argues that it operates without accountability to the public and acts as an extension of the Biden Administration's policies. "Today, the CFPB acts as a direct extension of the Biden Administration’s partisan agenda—using regulations to further leftwing policies and ideas to the detriment of consumers," Britt states.

The Senator criticizes several initiatives, including efforts to eliminate so-called "junk fees" and new rules on medical debt. She notes that enforcement spending at the CFPB has tripled from 2022 to 2024, with significant increases in staffing and travel budgets. "This spending spree is similar to the IRS’ increasingly aggressive, intrusive surveillance of ordinary taxpayers under the Biden-Harris Administration," she adds.

Britt also points out concerns about a small business lending rule, which she believes imposes unnecessary costs on community banks and threatens their relationship banking model. The rule allows for data collection on business owners and consumers, which she finds troubling.

Reflecting on past warnings from former Senator Shelby about bureaucratic power, Britt emphasizes that these concerns have materialized under current leadership: ". . . it’s apparent that Senator Shelby’s warnings about this powerful bureaucracy were not posturing."