WASHINGTON, D.C.— Legal Director and Securities Specialist Stephen Hall issued the following statement on a new Better Markets Fact Sheet released after CFPB Director Rohit Chopra appeared before House Financial Services Committee and Senate Banking oversight hearings.
“The CFPB is under relentless attack from the financial industry and its allies in Congress precisely because it has been so effective at combating predatory and discriminatory practices by a broad swath of firms, having returned $16 billion to victimized consumers. After years of the Trump administration’s attempt to gut the CFPB, Director Chopra has put together an impressive agenda to fulfill the agency’s mission, hold wrongdoers accountable, and protect financial consumers throughout the country. That agenda includes reigning in credit card fees, providing much need transparency into industry practices, and fining Wells Fargo $3.7 billion for its seemingly endless series of financial crimes.”
“As the CFPB faces unfounded opposition in the courts and elsewhere, it’s important that the public and policymakers alike look beyond the industry’s tired talking points and assess the agency’s extraordinary record of standing up for Main Street.”
Read the Fact Sheet here.
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis 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.