July 21, 2016

Brown Applauds CFPB's Fifth Anniversary

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today released the following statement on the fifth anniversary of the Consumer Financial Protection Bureau (CFPB). The bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law six years ago. The CFPB says its actions have resulted in $11.7 billion being returned to over 27 million wronged consumers.

“The 2008 financial crisis showed that Americans needed a federal watchdog to supervise lenders and enforce rules to protect consumers from fraud and abuse in the financial marketplace. Since its creation five years ago, the CFPB has returned $11.7 billion to the pockets of more than 27 million Americans hurt by illegal practices. Time and again, the bureau has exposed unfair and abusive behavior by financial companies that previously had no federal watchdog focused on consumer protections. The CFPB has taken actions against companies that add on hidden fees to credit cards, attempt to collect on debt that has already been paid off, discriminate against minorities, or use deceptive marketing to sell financial products. And because of the CFPB, we finally have strong mortgage rules and disclosures that have made the mortgage market safer for families who own or plan to buy a home.

“The CFPB has made consumer financial products safer and better for consumers – but its work is not finished. The bureau is working on rules to oversee prepaid cards, debt collection, arbitration, and predatory payday loans that trap many low-income families in a vicious spiral of debt. I will continue pushing the CFPB to strengthen and finish its proposed rules to crack down on payday lenders who prey on Ohio families when they are at their most vulnerable.”