Today, Congressman Sires voted against H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act of 2011 that would weaken the Consumer Financial Protection Bureau (CFPB). The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted last year, created the CFPB, a new consumer watchdog devoted to protecting Americans from unfair and abusive financial practices. H.R. 1315 would weaken the structure of the CFPB and delay parts of the law that would protect consumers the most.
"This bill would weaken and erode consumer protections that stop unfair and deceptive practices that ensure credit card, mortgage, student loan and other financial transactions are more transparent and fair for all Americans", said Congressman Sires. "Replacing the Director position with a five person Commission would only serve to diminish the Bureau's decision-making power and ultimately reduce the Bureau's ability to protect consumers."
Specifically, H.R. 1315 would replace the single Director of the CFPB with a five person Commission. The bill would also delay the transfer date for the CFPB until there is a Director confirmed by the Senate. Furthermore, it would make it easier for the banking regulators to overturn the Bureau's rules and delay its core functions.