New York Consumer Law Blog

When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and other institutions.

That success has some members of Congress — their campaigns well funded by the financial industry — lining up to gut the bureau’s powers, with a bill expected to head to a House vote this week.

 The impact of the CHOICE Act on consumers is so potentially devastating that together with three colleagues I wrote and 158 experts in financial services regulation, consumer protection and housing policy signed a letter to Congress urging its rejection.

 The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with laws that protect consumers from fraud and other wrongdoing.
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The House of Representatives on Thursday passed sweeping legislation to strip and replace much of the financial regulations passed under former President Barack Obama after the 2008 financial crisis.

The House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186, along party lines. The bill is not expected to pass the Senate. 

Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010. Republicans have long targeted Dodd-Frank, saying it has created a crushing regulatory burden that suffocates small businesses and banks while empowering unaccountable bureaucrats.
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Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Have you been a victim of ID theft?  Check your credit report for errors at  www.annualcreditreport.

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com

A CBS News investigation has uncovered over 4,000 complaints against AT&T and DirecTV related to deals, promotions and overcharging in the past two years.