Many Nebraskans can recall the devastating impact of the financial meltdown. The reckless actions of big banks cost working Americans their jobs and homes.
In response to this disaster, the Consumer Bureau was created to serve as a watchdog to the financial services industry and protect Americans from predator lenders. Since it was established in 2011, the Consumer Bureau has returned almost $12 billion to 29 million Americans.
Now, some Congressional Republicans, with support from the Trump administration, have passed the Financial Choice Act in the House of Representatives, which will seriously hinder the Consumer Bureau’s ability to effectively regulate financial institutions and root out bad actors if it’s able to get through the Senate.
If this legislation is passed, American consumers will be left vulnerable to predatory lenders and big Wall Street banks.
The time has come to stand up for consumer protections by letting our senators in Washington know that we support the Consumer Bureau under the leadership of Director Richard Cordray.