At the Expense of Consumer Financial Safety: How the Financial CHOICE Act Would Leave Consumers in Harm's Way
What does it take to spur economic growth, hold Wall Street accountable and foster consumer financial independence? For many members in Congress, lately that answer seems to revolve around HR 10, the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act of 2017.
Yet, despite being billed as legislation necessary to accomplish these goals, the changes prescribed in the Financial CHOICE Act would end up leaving consumers in harm’s way, rolling back a number of commonsense Wall Street reforms and consumer protections put in place as a response to the Great Recession. Among the most troubling changes found in the CHOICE Act would be a fundamental reshaping of the Consumer Financial Protection Bureau (CFPB), which in just six years has helped to provide $12 billion in financial relief to 29 million consumers—about one out of every 10 consumers in the country.
What changes would the CHOICE Act make to the CFPB? How would these modifications impact the Bureau’s work and what would that mean for the communities you serve? How can we take action to ensure that consumers have the protections they need?
On Tuesday, May 23 from 2-3:30 pm EDT, Prosperity Now, the Center for Responsible Lending, the National Council of La Raza and Americans for Financial Reform held an interactive webinar to discuss the CFPB’s efforts to protect consumers, how the CHOICE Act would fundamentally change the Bureau and what you can do to push back against these detrimental changes.
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