WASHINGTON, D.C. — Brady Williams, Legal Counsel, issued the following statement on a new Fact Sheet highlighting the vital and irreplaceable role of the Consumer Financial Protection Bureau (CFPB) in protecting American consumers ahead of a Congressional hearing on the agency set for tomorrow:
“The CFPB has an outstanding track record of protecting Americans from unfair, deceptive, and abusive practices at the hands of the financial companies that Americans depend on to manage their financial lives, from the big banks offering credit cards laced with junk fees to the payday lenders that exploit people struggling to make ends meet. Yet the Administration is intent on gutting the agency. And now Congress is joining the effort. If successful, this war on the CFPB will take a huge toll on American consumers.
“As we show in our Fact Sheet, Congress created the CFPB for specific reasons: to shield consumers from harm and to prevent the widespread patterns of abuse that could trigger and fuel another devastating financial crisis. Congress gave the agency unique legal authorities and enforcement tools so it could fulfill its mission. And the results speak for themselves: The CFPB has amassed an extraordinary record of success, establishing clear guardrails against predatory behavior through its rules and taking strong enforcement actions that put over $21 billion dollars back in the pocket of Americans who fell prey to unscrupulous banks, mortgage firms, student loan companies, payday lenders, and others. It has accomplished all of this without stifling innovation, suppressing competition, or harming the financial services industry, which remains as profitable as ever.
“Based on the agenda for tomorrow’s hearing before a subcommittee of the House Financial Services Committee, Congress wants to cripple the CFPB with fundamental changes to its structure, its funding, its rulemaking process, and its enforcement authority. But before any policymakers take these actions, they first must consider the enormous harm that neutralizing the CFPB will inflict on hundreds of millions of American consumers who need protection from the ever-present threat of fraud and abuse.”
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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
