Washington, D.C. – In its six-year existence, the Consumer Financial Protection Bureau (CFPB) has proved itself integral to curbing predatory lending and other practices that harm American consumers every day, a survey from the National Association of Consumer Advocates (NACA) shows.
NACA conducted an online survey to understand how attorneys and advocates, who represent consumers in the financial marketplace, interact with the Consumer Financial Protection Bureau. The survey results show that consumers and their advocates enforce and rely on the CFPB’s work in resolving private disputes with financial institutions, and simultaneously, regularly alert the bureau of new and growing predatory practices in their communities across the country that the agency can then investigate and take action on.
Groups oppose HR 3746, the Business of Insurance Regulatory Reform Act of 2017 which would limit the CFPB’s authority to enforce federal consumer financial protection laws against entities that are regulated by a state insurance regulator to the extent such person is engaged in the business of insurance. The bill could have wide-ranging impacts that infringe on the CFPB’s core authority to address problems with consumer financial products and services.
November 15, 2017
For Immediate Release:
Los Angeles Times, By a single vote, Republicans throw out years of work on consumer protection
“The repeal of the CFPB’s arbitration rule reeked of the banking industry’s heavy-handed influence over Washington’s politicians...”
NACA submitted a letter to the U.S. Senate Banking Committee to share its views for the Oct. 4 hearing on the Equifax cybersecurity breach. The Equifax breach is an object lesson on the consequences of a powerful entity that lacks adequate controls and incentive to act responsibly and in good faith in the marketplace.