Top financial services lobbyist departs for trade association
Francis Creighton, the top lobbyist at the Financial Services Roundtable, has been tapped to lead a trade association for consumer data companies.
The Consumer Data Industry Association represents companies that specialize in fraud protection and compiling credit reports, such as Experian and TransUnion. The association spends more than $1 million lobbying the federal government every year.
Creighton has led the lobbying efforts at the Financial Services Roundtable, which represents the largest financial institutions in the country, for the last three years.
Prior to that, he served as the chief of staff to Sen. Chris Murphy (D-Conn.) and worked as a lobbyist for the Mortgage Bankers Association.
While on Capitol Hill, he worked on legislation — eventually signed into law — that made it so people had access to their credit reports for free, known as the FACT Act.
“It showed how both sides can come together – industry and consumer groups – could come together and to make real change,” Creighton told The Hill in a telephone interview.
The industry got its wish to have federal preemption over state laws, but in return, had to ensure consumers could receive their credit scores at no charge.
“That’s how these things should work, you give a little here and get a little there,” Creighton said. “We’ve lost that in Congress and, in particular, in the financial services world.”
“Because of this industry, people have a better sense of their financial situation and, they’re better customers and they’re better consumers because of it,” he added.
Creighton will be leaving the Financial Services Roundtable at the end of this month, and takes up his new post as chief executive on May 15.
“His experience and leadership skills will be a welcome addition to our team, and we look forward to working with him,” said Rick Trainor, the CEO of LexisNexis Business Services and the chairman of the board for the Consumer Data Industry Association.
Creighton said he would be immediately meeting with member companies to get a sense of their priorities and where they want the association to go.
On the top of the docket, the companies are particularly interested in the future of the Consumer Financial Protection Bureau, which is facing court challenges about the constitutionality of its structure.