BOSTON (Legal Newsline) — Massachusetts Attorney General Maura Healey announced June 7 that she has joined a coalition of 20 attorneys general in opposing a federal bill that would cut the role of the Consumer Financial Protection Bureau (CFPB). The bill is called the Financial CHOICE Act of 2017 (H.R. 10).
“Created in the aftermath of the worst financial crisis in 80 years, the CFPB has been a vital partner for states in our ongoing efforts to protect students, homeowners, the elderly, veterans, and all consumers from unfair and deceptive practices,” Healey said. “Strong consumer protections help create economic opportunity for everyone. I strongly oppose efforts by the Trump administration and House leadership to dismantle this agency.”
The coalition objects specifically to portions of the Act that would undermine the CFPB, which they claim is the only independent federal agency exclusively focused on protecting consumers’ finances.
“The Consumer Agency is good at its job," said U.S. Sen. Elizabeth Warren (D-Mass.)." It’s the watchdog that has returned more than $12 billion directly to people who were cheated and runs a hotline that’s handled over a million complaints, so it’s no surprise Wall Street wants to chain it up so it can’t do its work. “State attorneys general understand the importance of having a strong federal partner in standing up for consumers in their states. That’s why they’re fighting back against the reckless Financial CHOICE Act, which would tie up the CFPB and turn loose predatory financial institutions that want to scam working families.”