Growing Chorus of Opposition to Latest House GOP Bill to Undermine CFPB

ADMINISTRATION ISSUES VETO THREAT

From the Statement of Administration Policy: "…the Administration strongly opposes H.R. 1195 as amended by House passage last week of the rule for consideration of the bill, which would reduce the cap on the total amount of funding that could be requested by the Director for the CFPB for FYs 2020 and 2025… These reductions to the caps could result in, among other things, undermining critical protections for families from abusive and predatory financial products. If the President were presented with H.R. 1195 as currently amended, his senior advisors would recommend that he veto the bill."    

LETTERS FROM GROUPS OPPOSED

From a letter opposing H.R. 1195 from the Americans for Financial Reform coalition:

"The added language transforms the bill into a significant attack on the Consumer Bureau by ‘paying for' the additional requirements by placing a ceiling on the CFPB's budget, effectively diminishing the resources available to the Bureau to do its job… The CFPB's consumer protection task is hugely important, and cuts to its budget would impair its ability to move forward with protecting consumers and the economy."  Groups signing onto the letter:

From a letter opposing H.R. 1195 from a coalition of consumer groups organized by the Center for Justice & Democracy:

"As advocates for consumers victimized by unfair, deceptive, and abusive financial products and practices, we strong support the work and mission of the CFPB, and oppose legislation limiting the CFPB's ability to ensure transparency, accountability, and basic standards of fairness in the financial services industry… In light of the CFPB's current proposals on payday and mortgage loans as well as its ongoing work on many other critical issues including forced arbitration clauses in consumer contracts, it is imperative that the Bureau continues to have the resources necessary to do its job…Please stand up for consumer protection by voting against H.R. 1195." Groups signing onto the letter: