Rep. Lawson’s Amendment to Protect Consumers From Unfair Lending Practices Passes the House
WASHINGTON, DC – Today, the House passed U.S. Rep. Al Lawson’s (FL-05) amendment to H.R. 1500, the Consumers First Act. The amendment would require the Consumer Financial Protection Bureau (CFPB) to provide Congress with regular monthly updates reporting of the number of investigations opened and closed with respect to fair lending violations.
The Consumers First Act strengthens the supervisory and enforcement powers of the CFPB and restores the essential role of nonpartisan agency to protect consumers in the financial marketplace.
“The Consumer First Act fixes the damage caused to the CFPB by this Administration, and protects Americans from harmful predatory practices,” said Rep. Lawson, a member of the House Financial Services Committee. “Consumer complaints in Florida are among the highest in the nation. My amendment requires transparency in fair lending investigations. I am fighting to make sure that the CFPB is fully empowered to protect consumers from unfair lending practices.”
Since its inception, in 2010, the CFPB has helped more than 30 million American consumers who were victims of financial marketplace abuses recoup over $12 billion in relief.