{"database": "press", "table": "releases", "rows": [["https://barr.house.gov/press-releases?ID=B168D678-0C8F-4766-B711-1C51D5C74372", "Rep. Barr\u2019s Introduces UDAAP Reform Legislation", "2023-12-15", "2023", "2023-12", "Republican", "House", "KY", "Andy Barr", "B001282", "barr.house.gov", "barr", "https://barr.house.gov/press-releases", "scraper", "Washington, D.C. \u2013 This week, Congressman Andy Barr (KY-06) introduced legislation to amend the Consumer Financial Protection Act of 2010 to clarify standards for unfair, deceptive, acts and practices (UDAAP) enforcement actions brough by the Bureau of Consumer Financial Protection (CFPB). This legislation reforms the UDAAP authority granted to the CFPB by the Dodd-Frank Act to provide certainty for lenders and credit providers.\n\n\u201cSince the Dodd-Frank Act passed, financial institutions and providers have been left without clarity of the definition for the term \u201cabusive,\u201d and inadequate guidance from CFPB on what would constitute a UDAAP violation. Regulatory uncertainty leads to fewer choices and higher prices for consumers, and the agency tasked with protecting consumers should not be complicit in regulation that is causing these outcomes,\u201d said Congressman Andy Barr. \u201cMy legislation, the Rectifying Undefined Definitions of Abusive Acts or Practices or the Rectifying UDAAP Act, requires the CFPB to provide the transparency financial institutions need to serve consumers and ensure there is ample access to credit in our consumer markets.\u201d\n\n\u201cThe consumer credit industry ensures that tens of millions of American consumers have access to credit products \u2013 from car loans to small dollar installment loans \u2013 that benefits them and the U.S. economy,\u201d said Celia Winslow, Senior Vice President of American Financial Services Association. \u201cClear and certain rules of the road for our industry ensure that the largest number of consumers can get the credit they need from reputable and ethical lenders. Congressman Barr\u2019s proposal ensures the CFPB adds both accountability for the agency and greater clarity to such rules and we strongly support such an approach.\u201d\n\n\u201cThe CFPB has attempted to exert its power well beyond what Congress ever intended, most strikingly with its UDAAP authority,\u201d said CUNA President and CEO Jim Nussle and NAFCU President and CEO Dan Berger. \u201cI applaud Rep. Barr\u2019s efforts to rein in the CFBP\u2019s abuse of this authority to help credit unions continue to advance communities and support the financial well-being of American families.\u201d\n\n\u201cICBA and the nation\u2019s community banks have long sought much-needed clarity on the Consumer Financial Protection Bureau\u2019s definition and regulation of unfair, deceptive, and abusive acts and practices within the legal authority defined by Congress,\u201d Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. \u201cWe thank Congressman Barr for introducing the Rectifying UDAAP Act to clarify the CFPB\u2019s regulatory authority related to UDAAP and to ensure it does not restrict the ability of community banks to meet the needs of the customers and communities they serve.\u201d\n\n\u201cIt is imperative that Congress better define the Bureau\u2019s UDAAP authority to ensure it acts within its statutory boundaries. If history is any guide, even the most well-intentioned rules without clear expectations can lead to unintended consequences when applied to the marketplace,\u201d said Consumer Bankers Association President and CEO Lindsey Johnson. \u201cThank you to Rep. Barr for introducing this important legislation which would ensure the Bureau operates beyond reproach while also providing industry with the clarity needed to comply with current and future regulatory requirements.\u201d\n\n\u201cIn recent years, the CFPB has attempted to dramatically expand its regulatory reach beyond its statutory authority, with significant implications for consumers, small businesses, banks and the broader financial services market,\u201d said American Bankers Association President and CEO Rob Nichols. \u201cChairman Barr\u2019s Rectifying UDAAP Act would more clearly define what the Bureau can and cannot do, and would rein in the Bureau\u2019s overly aggressive stance on \u2018abusive\u2019 acts or practices by requiring it to prove intentional misconduct. This bill would also make clear that the Bureau\u2019s UDAAP authority does not extend to discriminatory practices, which are already governed by our nation\u2019s anti-discrimination laws. This common-sense legislation would be a win for American consumers and the banks that serve them.\u201d\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-08T01:14:16Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://barr.house.gov/press-releases?ID=B168D678-0C8F-4766-B711-1C51D5C74372"], "units": {}, "query_ms": 0.8737877942621708, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}