Now that the Senate floor debate on financial reform has started in earnest, supporters are expected to offer a number of amendments to strengthen the bill so that it better protects consumers from unsafe financial products and creates new rules to stop banks from getting so big that they could threaten the financial system.
Consumers Union is urging lawmakers to support amendments that would make the proposed Consumers Financial Protection Bureau (CFPB) a fully independent, stand-along agency, along with amendments that would limit the size of banks to help stop “too big to fail” and ensure that states can protect consumers from unfair interest rates.
At the same time, opponents of strong reform are offering their own amendments to weaken the proposed CFPB so that it can’t protect consumers from high cost payday loans and unfair auto dealer car loans.
They’re also working to give current existing banking regulators stronger power to veto any new consumer safeguards developed by the CFPB and to undercut the ability of states to enforce the law and enact event stronger protections for consumers.
Consumers Union is urging lawmakers to oppose any amendments to weaken the bill. Click here to send the same message to your Senators!