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CRL Statement Ahead of CFPB Semi-Annual Reports Hearing

Wednesday, April 5, 2017
Yana Miles

Amid Baseless Attacks on Consumer Protection Agency, CFPB Director Richard Cordray Testifies Before House Financial Services Committee

Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will testify at a House Financial Services Committee on the 2016 Semi-Annual Reports from his agency. Since its inception in 2010, the independent CFPB has provided 29 million Americans harmed by financial companies with a total of nearly $12 billion in relief, it has helped families across America resolve disputes with unscrupulous lenders, and it has implemented new rules that have strengthened the troubled mortgage market.

Center for Responsible Lending (CRL) Policy Counsel Yana Miles released the following statement ahead of today’s hearing:

Payday lenders and their allies in Congress will stop at nothing to undermine CFPB’s mission of protecting consumers across the country. Their baseless attacks against an agency designed to protect working families is intended to distract the CFPB from doing its job.

When credit card companies tricked consumers into purchasing fraudulent add-on products, the CFPB ensured that companies returned money to their customers. When Wells Fargo opened millions of unauthorized accounts, the Bureau exposed them and ordered them to compensate their victims. When for-profit colleges targeted veterans and auto lenders discriminated against consumers of color, the agency secured compensation for them.

Time after time the CFPB has shown to be an effective agency and has kept our financial sector accountable to the public, and with Director Cordray at the helm, it has helped restore financial freedom for millions of working families.

Members of the committee today should urge the CFPB to continue its progress instead of undercutting the agency’s effort to protect families from financial abuse.

For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Matthew Kravitz at matthew.kravitz@responsiblelending.org.