Congressman Williams Leads Letter to Director Chopra Condemning the CFPB’s Overbearing Data Collection Rule

WASHINGTON, D.C. – Today, Congressman Roger Williams (TX-25), led 17 members in a letter to CFPB Director Chopra expressing significant concern about the Consumer Financial Protection Bureau’s (CFPB) “Auto Finance Data Project” and requesting that he refrain from proceeding with this new information collection.

“By expanding data collection without a clear explanation of how it serves to protect consumers, the CFPB is embarking on an unauthorized fishing expedition rather than fulfilling its mandate to carry out the purposes and objectives of the Federal consumer financial laws,” Congressman Williams wrote. “Congress intended the CFPB to strike a balance between effective oversight and practical considerations for businesses, which would be compromised by the extensive data collection proposal. We urge you to rescind the Auto Finance Data Project and return to focusing on the CFPB’s intended mission of protecting consumers.”

Read the full letter here.

This letter was also signed by Representatives Blaine Luetkemeyer (MO-3), Dan Meuser (PA-09), Scott Fitzgerald (WI-05), Pete Sessions (TX-17), Bill Posey (FL-08), Warren Davidson (OH-08), Barry Loudermilk (GA-11), William Timmons (SC-04), Andrew Garbarino (NY-02), Byron Donalds (FL-19), Young Kim (CA-40), Erin Houchin (IN-09), Andy Barr (KY-06), Andy Ogles (TN-05), Frank Lucas (OK-03), Ann Wagner (MO-02), French Hill (AR-02).

Background:

• The Consumer Financial Protection Bureau (CFPB) is a government agency responsible for regulating consumer financial products and services in the United States.
• The "Auto Finance Data Project" is a proposed initiative by the CFPB aimed at collecting data from auto finance businesses that acquire more than 20,000 auto loans annually.
• The proposed data collection lacks clear justification, burdens small businesses with additional reporting requirements, and risks consumer privacy.

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Congressman Roger Williams is the Chairman of the House Small Business Committee and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.