USCC Statement in Anticipation of CFPB Hearingposted March 16, 2016
March 16, 2016 – Washington, D.C. – US Consumer Coalition (USCC) President Brian J. Wise issued the following statement in anticipation of Wednesday’s House Financial Services Committee hearing entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection,” where the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, will testify:
“Director Cordray continues to try and convince the American people and Congress that his actions are helping them. But the actions of the CFPB amount to a War on Consumers, a War on CFPB employees, and a War on America’s small businesses. We cannot allow this agency to continue to operate in the shadows of our government, away from Congressional oversight and outside of any accountability by the American people.
“Director Cordray has created a culture of fear where financial services companies are forced to be more focused on making regulators happy, than providing exceptional services to their consumers. This culture of fear has led to programs like Operation Choke Point and the corporate shakedown of the auto industry. These actions are explicitly anti-consumer and border on unconstitutional.
“With bipartisan support in both houses of Congress, it is time our lawmakers embrace CFPB reform and return the CFPB to its original purpose, educating consumers about financial services products, rather than its current agenda to take away consumer choice and freedom.”
The US Consumer Coalition (USCC) is a consumer advocacy organization that promotes expanded consumer choice, responsible regulation of consumer-facing industries, fair market conditions, and consumer freedom.