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House Committee votes to weaken the CFPB

Friday, May 13, 2011

House Financial Services Committee Votes To Weaken The Consumer Financial Protection Bureau
Consumers Union Calls On Lawmakers to Stand With Consumers Not Big Banks

WASHINGTON, D.C. – The House Financial Services Committee approved three bills today that undermine the ability of the Consumer Financial Protection Bureau (CFPB) to safeguard consumers from unfair financial practices. Consumers Union, the nonprofit publisher of Consumer Reports, had urged the committee to reject the attack on the CFPB.
“These bills put the CFPB on a short leash and will make it harder for this watchdog to protect consumers from hidden bank fees, shady loans, and other financial rip-offs,” said Pamela Banks, Senior Policy Counsel for Consumers Union. “Congress should be standing with consumers not the big banks and Wall Street firms that caused our financial crisis. Americans deserve a real watchdog in Washington to look out for middle class families and rein in abusive financial practices.”

David Butler or Kara Kelber: 202-462-6262; or Michael McCauley: 415-431-6747, ext 126