Anti-Consumer Protection Bills Advance in U.S. House Financial Services Committee; Rep. Denny Heck (D-WA) Strongly Opposes Legislation
Washington – Six partisan bills designed to undermine the work of the Consumer Financial Protection Bureau (CFPB) were reported favorably out of the House Financial Services Committee this morning.
These anti-consumer protection bills do nothing to help the tens of thousands of veterans, service members, homeowners, working mothers and more who have turned to the CFPB for help since it was formed two and a half years ago in the wake of the 2008 financial crisis. More information on the bills' contents can be found here.
It's ironic the House Financial Services Committee chose this week to consider these bills. Yesterday, the CFPB found “Cash America – one of the largest short-term, small-dollar lenders in the country – violated the Military Lending Act by illegally overcharging servicemembers and their families. Cash America will pay up to $14 million in refunds to consumers and it will pay a $5 million fine for these violations and for destroying records in advance of the Bureau’s examination.” More information on this enforcement action can be found here.
"I came to Washington, D.C. to solve problems, not engage in partisan attacks on an effective federal agency,” Rep. Denny Heck (D-WA) said. “The CFPB has been a real success story. It has helped thousands of Americans who have had problems with financial institutions and companies. These six bills will undermine the valuable work it is doing to protect consumers. I would not be surprised if the ultimate goal is to dismantle the CFPB entirely.
It's time Congress stops rehashing the same political fights year after year after year. There's too much at stake for the middle class and those working to get into it. Congress needs to work on solving some of the real problems our country faces: boosting job growth, revitalizing the housing sector, and strengthening our economic recovery."
Rep. Heck also spoke out against these bills during yesterday’s committee markup. Video can be found here.