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Urging Congress to oppose H.R. 10, the Financial CHOICE Act of 2017, which would undermine crucial enforcement and compliance actions provided by the Dodd-Frank Wall Street and Consumer Protection Act, de-regulate financial institutions and destroy the Consumer Financial Protection Bureau, therefore exposing Americans to potential threats of abuse within the financial system.
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WHEREAS, Dodd-Frank was enacted following the financial crisis to put in place needed financial reforms that were essential to ensuring a stable economic recovery for all Americans and prevent future economic meltdowns. It imposes important rules to rein in the kind of Wall Street speculation that brought the global economy to the brink of collapse and caused millions of people to lose their jobs, homes, and savings; and
WHEREAS, Dodd-Frank also created the Consumer Financial Protection Bureau (CFPB), an agency dedicated solely to advocating for consumers within the federal government. Since its creation, the CFPB has successfully enacted strong rules protecting Americans from predatory practices that will lead to another financial crisis. For every $1 of funding, the CFPB has returned approximately $5 to victims of financial wrongdoing. To date, it has returned nearly $12 billion to 29 million wronged Americans; and
WHEREAS, The CFPB has taken steps to crack down on predatory schemes, such as payday lending, by emulating Pennsylvania's existing law. Its efforts have sent a strong message to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences; and
WHEREAS, Under current rules, the Bureau's director is appointed for a five-year term and can be ousted only "for cause," which is defined as "inefficiency, neglect of duty or malfeasance in office." The proposed H.R. 10 calls instead for a director "removable at will" by the president. It would also allow for the CFPB deputy direct...
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