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Value Walk: Consumers first act: Consumer groups applaud house on passage

Value Walk, May 23, 2019: Consumers first act: Consumer groups applaud house on passage

The previous leadership of the Consumer Financial Protection Bureau (CFPB) recovered over $12 billion in restitution and canceled debts for over 30 million Americans. Under its new leadership, the CFPB has not lived up to that standard. It has failed to adequately enforce the rules, while advancing a set of proposals that roll back, rather than advance, consumer protections. To address these failures, the House passed the Consumers First Act.

“We applaud the House’s efforts to do what is right for American consumers and pass the Consumers First Act. It will ensure that consumers are once again receiving federal protection from the fair lending and student loan offices and that the CFPB is fully staffed,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition. “The CFPB hasn’t been standing up for consumers the way it was intended. Even as this bill came up for a vote, the agency was working on a plan to exempt more than half the nation’s banks and other lenders from having to report on their mortgage lending under the Home Mortgage Disclosure Act. That data, which lenders have been gathering and reporting for years, is critical to spotting discrimination in lending and as an early warning on risky lending behavior.”

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