October 26, 2022

Toomey on CFPB Guidance: No Surprise an Unconstitutional Agency is Sidestepping the Congressionally Mandated Rulemaking Process

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Consumer Financial Protection Bureau (CFPB) issued new guidance on bank fees related to its Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) authority.

“Today’s guidance is yet another reminder that the CFPB has never defined UDAAP through a transparent rulemaking process. It’s no surprise that an out-of-control and unaccountable agency—which the Fifth Circuit recently ruled is unconstitutional—has chosen to sidestep the congressionally mandated rulemaking process to change the rules of the road.”