Write Your Legislators

Subject:
Form Letter Blank Letter
Speaking Points:
Suggested Bullet Points for your Conversation:
 
- I am concerned that H.R. 3126 gives regulatory power to the new Consumer Financial Protection Agency that would cover financial services and products provided by a CPA to individuals.
 
- As proposed, the new Agency would regulate tax preparation, tax and estate planning and personal financial planning services and perhaps even the extensive pro bono efforts by CPAs across the country to raise the financial literacy of Americans.
 
- Along with the CPA profession, I support the need for stronger consumer protections.  The events in the housing and banking industries that triggered the economic crisis demonstrate too well the weaknesses in our regulatory system and the need for consumers to improve their financial literacy skills, which is the aim of the AICPA’s long-standing 360 Degrees of Financial Literacy program.  
 
- CPAs are licensed by the state boards of accountancy, operate under strict ethical standards and, with regard to federal tax related services, have to meet the strict regulatory requirements of the Treasury Department under Circular 230 and the Internal Revenue Service. The proposed new Consumer Financial Protection Agency doesn’t recognize that this strong oversight already exists.
 
- It’s important to remember that causes and aggravating actions cited by the Administration and others commenting on our current economic problems do not include the types of financial services traditionally offered by CPAs that would be covered by the bill. 
 
- Subjecting CPAs to the requirements of the bill would do nothing to alleviate the problems being attacked by the bill. 
 
- I believe that the provisions in the bill relating to CPAs who provide services to individuals - where they don’t include selling investment vehicles and loans - and CPAs who are engaged in pro bono financial planning services are redundant and would be an unnecessary regulatory burden on CPAs, without providing any increased protection for consumers.
 
- I hope you will strongly consider exempting CPAs who provide straightforward, valuable services to Americans from the duplicative regulations included in H.R. 3126
 
- Thank you for your consideration, and please call on me if I can be of additional service to you.
Message:
Sincerely,
[First Name] [Last Name]