Congressman Jeb Hensarling of Texas, whose campaign has received more than $8 million from the financial sector since 2010, has long endeavored to undercut the Consumer Financial Protection Bureau, an agency that regulates many of the businesses that keep Hensarling’s election campaigns flush with contributions. So it’s of little surprise that the lawmaker is thrilled at Education Secretary Betsy DeVos’ recent decision to stop working with the CFPB on student loans — even though the Bureau has returned hundreds of millions of dollars to screwed-over student borrowers. [More]
Jeb Hensarling
Bank-Backed Congressman Praises Betsy DeVos For Cutting Ties With Consumer Protection Agency
By 10.16.17
Lawmakers Who Want To Hand ‘Get Out Of Jail Free’ Card To Banks Made Millions From Financial Sector Last Year
By 7.20.17
As expected, Republican lawmakers in both the House and Senate have introduced legislation that would overturn new rules intended to make sure that bank and credit card customers aren’t stripped of their right to file lawsuits in a court of law. Not surprisingly, many of the politicians pushing this pro-bank bill recently received significant financial support from the financial sector. [More]
GOP Moving Forward With Plan To Block New Legal Protections For Bank, Credit Card Customers
By 7.19.17
The Consumer Financial Protection Bureau recently finalized new rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. As expected, bank-backed lawmakers in both the House and Senate are now planning to pass fast-track legislation that would undo these protections and make sure banks retain their “get out of jail free” card. [More]
House Passes CHOICE Act In Move To Roll Back Consumer Financial Protections
June 8, 2017
The House of Representatives voted today to pass the Financial CHOICE Act, a piece of legislation that, if enacted, would strip away a number of consumer protections put in place following the devastating collapse of the housing market. [More]
‘Financial CHOICE Act 2.0’ Rolling Back Consumer Protections Moves Forward
By 5.4.17 — Updated: 5.9.17
The House Financial Service Committee approved the Financial CHOICE Act 2.0 today, signaling the first concrete move to roll back consumer protections and gut the Dodd-Frank Wall Street Reform and Consumer Protection Act. [More]
‘Financial CHOICE Act 2.0’ Blasted By Retailers & Lawmakers
By 4.26.17 — Updated: 5.9.17
The retail industry has already politely asked Congress to please not roll back financial reforms involving debit card transactions, but as lawmakers on Capitol Hill inch closer to undoing these protections, retailers are once again voicing their concerns that undoing the 2010 law will lead to higher prices and hurt small businesses. [More]
Bank-Backed Congressman Introducing Law To Gut Consumer Financial Protections
By 2.9.17
Less than a week after President Trump signed a mostly symbolic executive order directing federal regulators to revise the rules established by the 2010 financial reforms, one lawmaker (whose campaign just happens to have been heavily financed by big banks) is planning to introduce legislation to scale back consumer protections and allow banks to take more risks. [More]
