For Immediate Release

Contact: 

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

Consumers Union

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 - 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."

###

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Won't Exist.

 

Share This Article

More in: