January 05, 2021

Brown Blasts CFPB For Allowing Lobbyists To Weaken Consumer Protections; Urges Congress To Reject The Taskforce’s Findings

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the CFPB’s Taskforce on Federal Consumer Law released its findings:

“From the outset, it was clear that the CFPB’s Taskforce on Federal Consumer Law was just a pretext to gut regulations and protections for consumers. The Taskforce members have a history of undermining the CFPB and work at law firms representing payday lenders, banks, and other corporations with a direct, financial interest in rolling back consumer protections. As is commonplace with the Trump administration, the CFPB Taskforce is rife with bias and conflicts of interest. This Taskforce provided the Trump administration with a report that fulfills its pro-Wall Street, deregulatory agenda, but it is neither credible nor legitimate. Congress can and should give no weight or consideration to this propaganda masquerading as independent, agency research.”

Last year Brown joined Senator Elizabeth Warren in a letter requesting additional information about the Taskforce’s formation.