The Consumer Financial Protection Bureau (CFPB) today announced that it is seeking public input on ways to streamline the regulations under more than a dozen consumer financial laws that the agency inherited from seven different federal agencies under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
We are writing because we strongly oppose amendments to the Economic Development Revitalization Act, S. 782, to gut the new Consumer Financial Protection Bureau (CFPB) (#391, Moran) or repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act altogether (#394, DeMint).
H.R. 1121 would threaten the ability of the newly-enacted Consumer Financial Protection Bureau (CFPB) to protect consumers from predatory and abusive financial practices. The bill, which would fundamentally change the structure of the CFPB from a single, accountable director to a weak five-person commission, would derail the consumer protections enacted under the Dodd-Frank act (P.L. 111-203).
We urge Congress to reject this bill and keep the single director in place.
The Wall Street Reform and Consumer Protection Act just passed the Senate and is now on its way to the President's desk to be signed into law!! Today's vote is a victory for consumers and the passage of this landmark legislation came despite the enormous opposition from the financial industry, which spent $1.4 million a day to kill reform. Nearly two years after Wall Street and Big Business sent the US economy spiraling into crisis, Main Street has triumphed and real financial reforms of New Deal proportions will now become law.