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FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

WASHINGTON, DC — Today, Consumer Financial Protection Bureau Director Rohit Chopra addressed the Senate Banking Committee, renewing focus on the CFPB’s efforts to protect American families from shady financial actors (see video highlights below). 

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Through their work cracking down on phony fees and financial scams, the Consumer Financial Protection Bureau has already returned billions to American families. Initiatives like the credit card late fee cap and the recent proposal to remove medical debt from most credit reports put them at the forefront of consumer protection. Their win last month over the payday industry marks a major victory for consumers and paves the way for the CFPB to continue its critical work in safeguarding consumers from financial industry abuse and lowering costs for families across the country."

Accountable.US Liz Zelnick

“For years, Banking Committee Republicans have served their financial industry megadonors by attacking CFPB’s work to save consumers billions of dollars – frequently couched in false notions about the agency’s constitutionality,’ added Zelnick. “Notably, not one Committee Republican apologized today after the U.S. Supreme Court affirmed the CFPB’s independence and authority. Instead, most doubled down on their attacks, including rushing to the defense of shady debt collectors as the bureau works to help Americans get ahead by erasing medical debt from credit reports.”

HEARING HIGHLIGHTS

  • Sen. Sherrod Brown: Thanks to the Supreme Court’s ruling upholding the CFPB, we can now refocus on what matters: protecting hardworking families, military personnel, students, and seniors from financial predators. The CFPB fights for those without fancy lawyers or lobbyists. [FULL CLIP]
  • Let’s get to the numbers: the @CFPB has returned over $21B to more than 250M+ consumers. While Wall Street has lawyers and lobbyists to do its bidding, American consumers can turn to the CFPB. @SenSherrodBrown. [FULL CLIP]
  • When Big Banks were asked to justify their high credit card late fees…they were silent. The truth is that these fees generate an extra $10 billion in profit—for them. But the @CFPB aims to return this money back to YOU, the consumer. [FULL CLIP]
  • WATCH: American consumers shouldn’t have to worry about how getting sick will affect their credit scores. @chopracfpb explains how the latest rule from the @CFPB protects consumers from coercive practices that trick people into paying more than they owe. [FULL CLIP]
  • While Republicans like @RepBlaine DENY the existence of junk fees, @chopracfpb provides receipts on how much the @cfpb is giving back to American consumers—from junk fees. #CFPB @SenWarren [RESEARCH LINK] [FULL CLIP]
  • It’s simple: Republicans are in bed with Big Business to rip off families and to protect bottom lines. Watch @chopracfpb now. [FULL CLIP]
  • .@SenatorWarnock: “It’s expensive to be poor.” In a powerful exchange, CFPB Director @chopracfpb exposes how predatory fees target the vulnerable, deepening their financial struggles. “This is a cycle that we have to stop.” [FULL CLIP]
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