The bill, The Community Financial Protection Act, would stipulate that:
- The CFPB must use current and existing publicly available information and data prior to requesting any information from the prudential regulator;
- If the CFPB does request information that is not currently publicly available, it must provide justification to the regulator as to why it needs that information
- The prudential regulator has the authority to deny any request for information from the CFPB; and
- The CFPB can only request institution-specific information rather than industry-wide information.
S. Joe DeHaven, President and CEO of Indiana Bankers Association, applauded Sen. Coats efforts and noted that the bill “is a solid step in the right direction to ensure that Hoosiers will have continued access to capital to invest in and build communities.”
Read Sen. Coats’s press release.