On the recordApril 21, 2015
As originally introduced, H.R. 1195 was that rare piece of legislation with bipartisan support. It supported the simple proposition that the Consumer Financial Protection Bureau (CFPB) could benefit from the guidance of advisory councils comprised of representatives from small businesses, credit unions, and community banks. As introduced, the legislation would have required the CFPB to hear from small business representatives regarding the impact of proposed rules on financial products used by consumers for family and household purposes. The bill also encouraged the CFPB to ensure the participation of credits unions and community banks that serve traditionally underserved communities. The CFPB--and all relevant government agencies--should continue to focus on expanding banking opportunities in underserved communities, which are too often subjected to the worst forms of predatory financial practices. According to the Corporation for Enterprise Development, my hometown of Baltimore, Maryland, is one of the top ten unbanked large cities in the country--13.9 percent of residents have no checking or savings account, and more than one in four residents is underbanked. Too many of these folks rely on alternative financial services like check- cashing stores, rent-to-own agreements, or pawnshops.…
