U.S. Rep Meeks: We Cannot Afford to Retreat on Consumer Rights Protection

U.S. Rep Meeks: We Cannot Afford to Retreat on Consumer Rights Protection

Excerpt: If the financial crisis taught us anything, it is that we cannot afford to retreat on consumer rights protection. I therefore applaud my democratic colleagues on the committee for staying united and voting "NO" on all these attempts to weaken the CFPB.

WASHINGTON – Congressman Gregory W. Meeks (D-NY), Ranking Member of the House Subcommittee on Financial Institutions and Consumer Credit, released the following statement after the House Financial Services Committee voted on Republican proposals to weaken the Consumer Financial Protection Bureau (CFPB):

“Just a few years ago, millions of average Americans suffered from wide scale predatory and abusive lending practices that led to the worst economic recession since the 1920s. Congress created the CFPB as part of the Dodd-Frank Act, a comprehensive set of reforms designed to address the causes of the 2008 financial crisis. Furthermore, Congress intentionally structured the bureau as an independent agency with significant rulemaking authority to ensure that we have a strong advocate and defender of consumer rights that is equal among other financial regulators.

“Unfortunately, the legislative proposals voted for by my republican colleagues today are only attempts to undermine the bureau’s authority, weaken its ability to operate as an effective and data driven agency, and slow it down with a dysfunctional leadership. If the financial crisis taught us anything, it is that we cannot afford to retreat on consumer rights protection. I therefore applaud my democratic colleagues on the committee for staying united and voting ‘NO’ on all these attempts to weaken the CFPB. Together, we have sent a strong message to middle-class and low income consumers that we will not retreat and allow their rights to be neglected again.” [End]