3 1 A group called the CCA Alliance has released a petition on Change.org calling on the Federal Trade Commission to end the controversial Consumer Financial Protection Bureau.
It calls the CFA “a costly, burdensome, and ineffective regulatory agency that stifles small businesses and hurts small businesses’ ability to compete for investment.”
The petition, which has more than 300,000 signatures, is organized by two members of the business community, two of the companies listed on the petition, and three former executives from CFA, according to a copy of the petition.
The CFA was created in 2014 to regulate consumer credit cards and payday loans, and has been criticized for a lack of enforcement and a lack in transparency.
Many of the groups behind the petition are former members of CFA’s board, including the Chamber of Commerce and American Bankers Association.
They are joined by several smaller business owners who want the CDA to be scrapped.
“CFA is the last and only agency that can actually address the growing problem of consumers being denied access to financial services, and that’s unacceptable,” said Andrew Pincus, an executive at the consumer bank credit cards company American Express.
“CFA has done little to address the problems with credit cards, payday loans and consumer credit, and they need to be eliminated completely.”
A separate petition calling for the CFPB to be abolished garnered more than 70,000 signed signatures.
CFA’s members include executives from several Fortune 500 companies including Amazon, Cisco, Ford, Goldman Sachs, JPMorgan Chase, PayPal, Sprint, T-Mobile, and Verizon.
In 2015, it proposed the Consumer Financial Protections Act, which would have required the agency to set minimum standards for consumer financial products and services.
But Congress delayed the act’s passage until at least 2019.