Perlmutter Works to Preserve Affordable Financing for Millions of Americans

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Washington, DC, November 18, 2015 | comments

>U.S. Rep. Ed Perlmutter (CO-07) released the following statement regarding H.R. 1737, the Reforming CFPB Indirect Auto Lending Guidance Act.  The legislation encourages the Consumer Financial Protection Bureau (CFPB) to reissue a March 2013 bulletin through a transparent process by soliciting stakeholder input through a formal notice and comment period, study the costs and impacts on consumers and businesses, and involve other relevant agencies including the Federal Reserve, Department of Justice and Federal Trade Commission. 

>“The Fourteenth amendment of the United States Constitution allows for due process and equal protection under the law.  What we have before us today is a conflict of these two principals.  The CFPB rushed through a formal policy change while not giving affected parties the ability to comment and be heard.  H.R. 1737 encourages the CFPB to reissue their auto lending bulletin under a more transparent and open process in order to promote access to credit for all hardworking Americans when they purchase a vehicle.”

>“I support the CFPB and its mission to protect consumers, and do not condone discrimination in the marketplace.  Where we see discrimination, I want it rooted out immediately.  The legislation in no way prohibits, disrupts or affects the enforcement of fair lending laws, but rather asks the CFPB to use a more informed process under their existing authority.”

>H.R. 1737 passed the U.S. House of Representatives today 332-96 and with 65 Democratic co-sponsors.

>Rep. Perlmutter has a strong record of standing up for consumers. As a member of the House Financial Services Committee, he worked to secure passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act because our country cannot afford to go through another financial crisis.  For years Wall Street and big banks were not held accountable for their actions, and this brought our country to its worst financial downturn since the Great Depression.  Dodd-Frank established the Consumer Financial Protection Bureau (CFPB) which restores accountability and responsibility to American taxpayers and protects consumers. 

>To date, the CFPB’s enforcement actions have resulted in $365 million being paid in civil penalties and $248 million to be provided to consumers as a result of CFPB supervisory actions.  Payday lenders are now under federal supervision for the first time – protecting the 12 million consumers who take out payday loans every year.  More than 50 million consumers now have free and regular access to their credit score as a result of the CFBP’s credit score initiative designed to engage and educate consumers.

>Rep. Perlmutter has continued to oppose efforts to undermine or weaken the CFPB while supporting hard working Coloradans and their families by helping secure a better future for themselves and their families. Click here to learn more about Ed’s work on behalf of Coloradans and the people of the 7th Congressional District.


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