Dismantling Consumer Protections In The Name Of “Choice”

The balance between big money institutions and the consuming public would tip in favor of business should H.R. 10 become law.

Limiting the Consumer Financial Protection Bureau and eliminating checks on financial institutions capable of bringing down the economy are features of HR 10, up for consideration in the House of Representatives in early June.

At the individual level, the bill prohibits the CFPB from regulating pay day lenders and car title lenders.  Those are the very businesses who target the most economically vulnerable in our communities.

The bill as now written would also repeal limits on swipe fees on debit cards.

A cynic’s view is that institutions will have a broader range of choices as to how to fleece the public.

Consumer protection

The CFPB was created by the Dodd Frank bill following the financial crisis of 2008.  As it says on the CFPB site:

We’re on your side.  We are the Consumer Financial Protection Bureau, a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

Keep your eye on Congress and call your Member of Congress in opposition to HR 10.

6/7/2017