Bill Pascrell: “Prior to 2010, banks lending to consumers operated with too little oversight and often exploited the lack of rules to…”

“Prior to 2010, banks lending to consumers operated with too little oversight and often exploited the lack of rules to turn a profit at any cost. We saw the dire consequences in the 2008 financial crisis. The Consumer Financial Protection Bureau was created to enforce laws and protect consumers in the marketplace. Their mission is to root out deceptive and abusive practices. And so far, the agency has returned $11.8 billion to consumers from enforcement against abusive practices from banks, lenders, and financial companies. I challenge any member of this body to go to one of their constituents and ask whether or not they would like a consumer watchdog to stand up for them against abuses from big banks, or if they'd like us to leave them to go it alone. The CFPB has already returned $11.8 billion to more than 29 million consumers. That is $11.8 billion dollars that went back into the pockets of 29 million of our constituents. A vote for this legislation is a vote against those 29 million consumers who have been helped by the CFPB's actions. In my home state of New Jersey, one resident held a mortgage with Citibank, who failed to report accurately the status of a closed account and incorrectly reported it as late. A complaint was submitted to the CFPB and when they intervened, the issue was resolved and the late mark removed. Stories like these are not uncommon. Decisions like these can impact a consumer's credit for life and cause tremendous distress.…”