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ETA Joins More Than 30 Organizations to Oppose Current CFPA Bill |
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The Electronic Transactions Association has joined with more than 30 other industry groups to oppose the current version of consumer financial protection legislation now before Congress.
In a joint letter to Sen. Chris Dodd (D-CT) who chairs the Senate Banking Committee, and Sen. Richard Shelby (R-AL), the ranking minority member, the industry groups said they "agree reform is necessary and firmly support enhanced consumer protection [in financial Services]."
However, the letter warned that the current Senate bill "is not the correct approach because it will have severe unintended consequences for consumers, small businesses, and the economy. As such, simple structural modifications to the CFPA that do not address the following concerns will not mitigate these unintended consequences."
Read the full letter here.
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