WASHINGTON – Oregon’s Senator Jeff Merkley released the following statement celebrating the third anniversary of the Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank financial reform bill that passed four years ago. Predatory, anti-consumer practices and the lack of single agency to act as a consumer watchdog were both pinpointed as significant contributing causes to the financial crisis in 2009.
“Three years ago today, in response to the worst financial crisis in nearly a century, the Consumer Financial Protection Bureau (CFPB) opened its doors. The opening of the CFPB ensured that, for the first time, there was a cop on the beat with the sole purpose of looking out for consumers in their everyday financial transactions. The CFPB is critical because the 2008 financial crisis showed that when bad practices shake the financial foundation of working families, our entire economy suffers.
“The protection that CFPB has brought to families and businesses on Main Street is substantial: $4.6 billion in relief and refunds have been put back in the pockets of 15 million consumers harmed by illegal practices. The bureau has tackled illegal credit card practices like deceptive marketing and unfair billing, set common-sense mortgage rules to ensure banks treat borrowers fairly, cracked down on abusive debt collection practices, and developed a robust system for responding to consumer comments, complaints, and questions.
“While there is still more to be done to protect working families from predatory practices and insulate our financial system against another financial crisis, today we have cause to celebrate – our families and our economy are better off thanks to three years of the CFPB.”
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