McHenry’s Attacks Against the CFPB’s Credit Card Late Fee Rule are at the Behest of the Financial Industry & Their Lobbyists
Following House Financial Services Committee Chair Rep. McHenry’s attacks on the Consumer Financial Protection Bureau (CFPB)’s latest rulemaking on credit card late fees, government watchdog Accountable.US is calling out his ties to the financial industry.
As the CFPB works to save consumers up to $9 billion a year by curbing credit card late fees, McHenry is defending an exploitative immunity provision created by the Federal Reserve that allows credit card companies to escape accountability for what would otherwise be considered an illegal fee. Meanwhile, the Chairman has taken over $1.1 million from the eight largest credit card issuers and banking industry trade groups, including the Consumer Bankers Association, the American Bankers Association, and the Independent Community Bankers Of America, who decried the proposed rule.
Chairman McHenry, who’s made no secret of his intent to ignore bad industry actors, is shamelessly going to bat for his Wall Street donors yet again. As the CFPB steps up to protect consumers from abusive charges like junk fees, McHenry and his MAGA colleagues’ attacks against the agency show they are willing to say anything to keep cash in the pockets of greedy corporations. When the GOP’s leaders justify ripping off consumers as a legitimate part of doing business, it’s clear that they were never on the side of working families.”
Liz Zelnick, Director Of Economic Security And Corporate Power
A recent analysis from Accountable.US found that new Republican members of the House Financial Services Committee have collectively banked nearly $6.2 million in campaign cash from the industries they now oversee, including the finance, insurance, and real estate sectors.