Press Release ● Fiscal Responsibility
For Immediate Release: 
July 21, 2016
Contact Info: 

Mariel Saez 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the fifth anniversary of the Consumer Financial Protection Bureau:

“Five years ago, the Consumer Financial Protection Bureau began protecting Americans from predatory practices in our financial markets.  Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which I brought to the House Floor as Majority Leader in 2010, it remains a centerpiece of Democrats’ successful efforts to bring our economy out of recession and prevent a near-collapse.  We must not forget the damaging role that abusive, deceptive, and predatory practices had in weakening our economy and diminishing the personal wealth and retirement investments of millions of American workers and their families. 

“Today, the CFPB is working hard to ensure that credit reporting agencies, non-bank mortgage lenders, payday loan companies, and debt collectors are following the letter of the law and not abusing economically vulnerable consumers.  For the first time in our history, a single regulatory agency is pursuing a mandate to safeguard consumers – including those serving in our Armed Forces – from deceptive financial practices.  In its first five years alone, the CFPB has provided relief to 27 million Americans through its supervisory or enforcement work, and 12 million have sought information from the agency through its online help portal.  It has won billions of dollars in relief for consumers who were harmed.  We must not allow Republicans in Congress to shut this agency down, which they have vowed to do.  That would put Americans at risk once again.   

“I hope Democrats and Republicans can work together in the years ahead to ensure that the CFPB can do its job and continue serving American consumers.  We must ensure that a crisis of the kind we saw in 2007-2008 does not happen again.”