On the recordMay 22, 2019
I thank the chair of the full committee. I am honored to have this opportunity to speak in support of this bill. This bill addresses a concern that many of us on the Financial Services Committee have had to deal with for some time now, and it is the question of whether the committee is going to allow the CFPB to protect consumers from unscrupulous behavior or to protect Big Business. I am a person who believes that we should protect the consumer. This legislation will allow the persons who receive student loans to avoid being placed into costly repayment plans that will cause them to pay more money and possibly default. It will cause consumers looking to open a new checking account to have the opportunity to do so with a bank that has the least amount of overdraft fees. It will allow persons who are seeking credit cards to have the right to seek relief through the courts, not through some boilerplate language that they might find in a contract that will not benefit them. This is the opportunity that we must take advantage of to protect consumers. It is the Consumer Financial Protection Bureau, not the financial institutions protection bureau. So with this said, I wholeheartedly endorse what the chairperson has brought to the attention of this Congress. These are remedies that are absolutely necessary, and I plan to vote and encourage my colleagues to vote in support of this legislation. Mr. McHENRY. Madam Chair, I reserve the balance of my time.
