Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Witnesses warn cuts and policy changes at CFPB would reduce protections for service members and consumers
Summary
Multiple witnesses and members told the committee that reductions in the Consumer Financial Protection Bureau’s staff, budget and enforcement priorities risk leaving military families and other consumers without an effective federal advocate.
Congressional members and consumer advocates at the hearing pressed concerns that recent changes at the Consumer Financial Protection Bureau would substantially reduce its ability to protect consumers, particularly service members and other vulnerable groups.
Ranking Member Maxine Waters opened the session’s public critiques by describing the bureau’s role as a ‘‘federal cop on the beat’’ for consumers and noting the agency’s record of securing multi‑billion dollar relief. She and other Democrats cited an agency statistic repeated by witnesses: more than $21 billion returned to consumers since the CFPB’s creation.
Lindsey Johnson, speaking for the Consumer Bankers Association, said Congress should clarify the bureau’s…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
