Hochul Fights For Consumers On Main Street

Press Release

Today, Congresswoman Kathy Hochul voted against a bill that puts the financial security of American families at risk by rolling back the ability of the Consumer Financial Protection Bureau (CFPB) to protect consumers from abuses by unscrupulous, big banks, credit card companies, and other financial institutions.

"Once again, Republicans have shown they are willing to allow banks and financial institutions to run free, while aiming to eliminate the only protection our consumers have from harmful financial practices," said Congresswoman Hochul. "On the one year anniversary of Wall Street Reform and on the first day of operation for the Consumer Financial Protection Bureau (CFPB), Republicans in the House have sided with special interests, rather than the consumers and Americans on Main Street."

The Consumer Financial Protection Safety and Soundness Improvement Act of 2011 would replace the director of the CFPB with a five person commission, creating more obstacles and red tape, and making it harder for consumers to get access to easy to understand information they need to make financial decisions. With a single director, the CFPB would be able to react more quickly to new threats to consumers.

"This Bureau is the only government entity dedicated to protecting our consumers from the very predatory and reckless financial practices that led to the financial meltdown in 2008," added Hochul. "We can't cut out all the safeguards that protect consumers from Lancaster all the way to Dansville, as well as the millions of Americans who lost their jobs, homes, life savings, and pensions."

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