USCC Applauds Passage of Pro-Consumer Choice Amendmentsposted May 21, 2015
May 21, 2015 – Washington, D.C. – The U.S. Consumer Coalition (USCC) released the following statement praising the bipartisan passage of two amendments to Senate Banking Committee Chairman Richard Shelby‘s “The Financial Regulatory Improvement Act of 2015.” The first amendment, offered by Sen. Mike Crapo (R-ID), would prohibit the participation of federal regulators in the Department of Justice’s “Operation Choke Point” program. The second amendment, offered by Sen. Pat Toomey (R-PA), would scale back the Consumer Financial Protection Bureau’s (CFPB) power to probe smaller banks and credit unions, providing much needed regulatory relief to these institutions.
“Sen. Crapo’s amendment is crucial to end the illegal targeting of lawful businesses by Operation Choke Point. We echo the concerns of Members of both parties that Operation Choke Point is a major obstacle to credit access for low-income consumers and lawful business owners,” said USCC senior advisor Brian Wise.
“The passage of Sen. Toomey’s amendment is a step forward in advancing key reforms at the CFPB, the most unaccountable agency in the federal government and biggest threat to the American consumer. By exempting smaller institutions and credit unions from CFPB’s overzealous regulatory oversight, consumers can enjoy more choice and access.
“We were discouraged by Sen. Elizabeth Warren’s (D-MA) opposition to both of these amendments. Instead of being a champion for consumers, Sen. Warren expressed support for expanded regulations and control for the CFPB that will only hurt consumer choice.
“America’s consumers need more principled leaders like Senators Crapo and Toomey to protect their right to access the products and services they want and need.”
The U.S. Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.