Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

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Mr. AL GREEN of Texas. Mr. Chair, I would like to express my opposition to H.R. 3193, the Consumer Financial Protection Safety and Soundness Improvement Act of 2013. This legislation would strip essential mandates from an agency that was created to protect consumers from risky practices that caused the financial crisis.

The Consumer Financial Protection Bureau (CFPB) has successfully refunded over $3 billion to consumers who were financially harmed by deceptive practices. The vital protections the CFPB provides must not be overlooked; without its oversight, consumers will be exposed to greater risk in financial markets.

Since its creation in 2011, the CFPB has collected over $80 million in civil penalties from financial institutions that harmed consumers. They also have handled more than 269,900 complaints from consumers. Thirty million consumers would not be subject to federal protections from improper debt collections if the CFPB did not exist.

Additionally, without the presence of the CFPB, twelve million consumers that use pay day lending would not be protected by federal supervision, and 200 million consumer credit reports would not be protected from unscrupulous behavior. The CFPB should be applauded for its efforts to end harmful practices in the marketplace. Rather than abrogate this successful agency, the CFPB should retain its current structure and mandate so that it can continue to be an exemplary model for other bank regulators.

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