Bill Huizenga: “Some stakeholders have argued that CFPB's approach lacks…”

“And while working with regulators to prevent consumer harm, institutions are more likely to invest in compliance and even, frankly, self report violations if cooperation is rewarded and not penalized. You talked a little bit about that. Some stakeholders have argued that CFPB's approach lacks incentives for self-reporting, which may actually reduce transparency and slow corrective actions. And I think, frankly, major reforms are needed for that reason. I've introduced the Bureau of Consumer Financial Protection Commission act to reform the CFPB structure from a single director to a bipartisan commission of five members making it more accountable, consistent, transparent and trustworthy.” (02:26–02:35)

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