Washington, DC — Today, Representative Andy Barr (R-KY) released the following statement after the U.S District Court for the Eastern District of Texas ruled that the Consumer Financial Protection Bureau’s (CFPB) Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) manual changes are unconstitutional.
"I am pleased with the District Court's ruling, which underscores the importance of regulatory agencies acting within the bounds of their statutory and constitutional authority. The CFPB's unilateral decision to alter the UDAAP examination manual without due process and proper industry engagement was not only in contrast to the intent of Congress but also threatened the stability of our financial system and the products and services that countless Americans depend.
The Dodd-Frank Act was clear about the parameters of the CFPB's authority, and today's decision reaffirms that the agency cannot arbitrarily expand its powers. It is paramount that our regulatory bodies act with transparency, accountability, and respect for the rule of law. I encourage the CFPB to engage in constructive dialogue with stakeholders and follow the appropriate rulemaking procedures in the future. It is essential for both the stability of our financial system and for ensuring that Americans have access to a wide array of reliable and transparent financial products and services."
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