Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Bureau of Consumer Financial Protection Relating to the Withdrawal of the Rule Relating to ``Truth in Lending (Regulation Z); Consumer Protections for Home Sales
Floor Speech
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Mr. SCHUMER. 396, S.J. Res. 149.
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Mr. SCHUMER. Mr. President, the Consumer Financial Protection Bureau--CFPB--has played a critical role on the side of people to help them avoid junk fees, predatory medical debt, payday lenders who take advantage of people in need, including so many of our military servicemembers.
So it should come as no surprise that Donald Trump is no fan of the CFPB--he has always sided with big special interests over average folks--and he has undermined its protections for the American people.
Senate Democrats have made clear time and time again: Donald Trump's policies are one big broken promise in lowering costs to the American people.
Trump undermining consumer protections is just another example of Trump's betrayal--betrayal--of working people.
So today I am defending the CFPB for the same reason I helped authorize it years ago: American consumers need to have someone-- someone--in their corner. This is a critical tool to reducing people's everyday costs from healthcare and banking to housing.
So I am heading up this joint resolution of disapproval with many of my colleagues against the Trump administration's decision to reverse CFPB protections on mortgage lending called contract for deed transactions that without the proper guardrails can devolve into predatory practices against Americans trying to buy a home.
For millions of Americans who can't access a traditional mortgage, a contract for deed can seem like a lifeline, but too often, these arrangements are simply traps.
The buyer takes on every obligation of home ownership immediately-- the taxes, the repairs, the risks--but doesn't receive the deed until they pay every last dollar.
This is a formula for failure. Miss a single payment, and you can lose everything--no equity, no recourse, evicted like a tenant. Mr. President, 200,000 New Yorkers are in this position. We must stop it, and I urge a yes vote.
Vote on Motion to Proceed
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