Lindsey Johnson Written Testimony- HFSC Hearing Entitled, "Politicized Financial Regulation and its Impact on Consumer Credit and Community Development"

Chairman Barr, Ranking Member Foster, and members of the Subcommittee,

I appreciate the opportunity to appear before you today to discuss concerns about “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development.”

I am the President and Chief Executive Officer of the Consumer Bankers Association (“CBA”). CBA is America’s only member-driven trade association focused exclusively on retail banking. Since 1919, CBA has partnered with member banks to promote sound policy, prepare the next generation of diverse bankers to lead the industry, and enable consumers’ individualized approaches to the American dream. Our corporate members include the nation’s largest retail banks, with the vast majority holding more than $10 billion in assets – meaning that they are subject to CFPB supervision and enforcement jurisdiction.

The Paperwork Reduction Act identifies 19 enumerated “independent regulatory agencies.” These independent agencies hold immense influence over Americans’ day-to-day lives. Eighty percent of the provisions assigned rulemaking responsibilities or authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act to one of five “independent” regulatory agencies.

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