Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Senator Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after House Republicans released a series of bills that would undermine the Consumer Financial Protection Bureau (CFPB), the only agency dedicated to protecting consumers and working families.

“Make no mistake. This is about whose side you’re on: workers and consumers or big corporations and Wall Street,” said the Lawmakers. “This is not reform for the benefit of consumers, it is another page pulled from the same Republican playbook designed to destroy the CFPB and its work to empower consumers. The CFPB has made major progress in supporting consumers, combatting discrimination and junk fees, holding large financial institutions accountable for repeatedly harming consumers, and so much more. As Ranking Member of the House Financial Services Committee and Chair of the Senate Banking and Housing Committee, we will continue to work with our colleagues to stop any anti-consumer bill and protect the CFPB so that consumers can continue to have an agency solely dedicated to protecting their hard-earned money.”

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Ranking Members Waters continues to lead the effort in the House to support a strong CFPB, and work closely alongside the agency to achieve major victories for consumers everywhere, including its latest announcement to reduce credit card late fees, which Waters applauded. Waters has remained extremely vocal against the Fifth Circuit’s extremist ruling against the CFPB’s constitutionality, and recently released a statement following the Supreme Court’s decision to take up the case, emphasizing the agency’s constitutionality and important mission. 

Brown has always fought to defend the CFPB from Republicans’ attacks. He released a statement supporting the agency and consumers after the Fifth Circuit court’s decision in October and re-iterated his support for the agency at the CFPB’s Semi-Annual Report to Congress in December. Since its creation, the CFPB has returned over $14.9 billion in compensation, principal reductions, canceled debts, and other relief to more than 183 million consumers.

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