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 WEEKLY ROUNDUP
March 9, 2019

        

Committee Democrats Put Consumers First


On Wednesday, Chairwoman Maxine Waters and Committee Democrats announced the introduction of H.R. 1500, the Consumers First Act, a bill to block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau (Consumer Bureau).

See Members’ remarks during Wednesday’s press conference below.


This legislation is supported by 
51 consumer, civil rights, housing and labor organizations and cosponsored by Rep. Carolyn Maloney (D-NY), Rep. Nydia Velázquez (D-NY), Rep. Brad Sherman (D-CA), Rep. Gregory Meeks (D-NY), Rep. Wm. Lacy Clay (D-MO), Rep. David Scott (D-GA), Rep. Al Green (D-TX), Rep. Emanuel Cleaver (D-MO), Rep. Ed Perlmutter (D-CO), Rep. Jim Himes (D-CT), Rep. Bill Foster (D-IL), Rep. Joyce Beatty (D-OH), Rep. Denny Heck (D-WA), Rep. Juan Vargas (D-CA), Rep. Vicente Gonzalez (D-TX), Rep. Al Lawson (D-FL), Rep. Michael San Nicolas (D-GU), Rep. Rashida Tlaib (D-MI), Rep. Katie Porter (D-CA), Rep. Cindy Axne (D-IA), Rep. Ayanna Pressley (D-MA), Rep. Alexandria Ocasio-Cortez (D-NY), Rep. Jennifer Wexton (D-VA), Rep. Stephen Lynch (D-MA), Rep. Tulsi Gabbard (D-HI), Rep. Alma Adams (D-NC), Rep. Madeleine Dean (D-PA), Rep. Jesús “Chuy” García (D-IL), and Rep. Sylvia Garcia (D-TX).

Committee Passes FY2020 Budget Views and Estimates


On Wednesday, at a full Committee markup, the House Financial Services Committee adopted Budget Views and Estimates for Fiscal Year 2020.

The Committee’s budget views were adopted along party lines by a vote of 33-24. During the markup, Democrats accepted four out of seven amendments offered by Republicans.

Members Spotlight 

Rep. Jennifer Wexton (D-VA) | Congresswoman Jennifer Wexton presses CFPB director on predatory car title lending rule
“I’m deeply troubled by Director Kraninger’s decision to side with payday and car title lenders over consumers. The CFPB should be protecting consumers from predatory lenders, not the other way around.”

Rep. Alexandria Ocasio-Cortez (D-NY) | Ocasio-Cortez questions Kraninger over annual report summarizing consumer complaints from student loan borrowers
“When do you think we’ll be able to get that report?” Ocasio-Cortez said.

“It is going to take a little bit of time,” Kraninger replied.

Ocasio-Cortez added: “So no hard time commitment on when we’ll get a five-month-overdue report.”

Rep. Ed Perlmutter (D-CO) and Rep. Denny Heck (D-WA) | Perlmutter and Heck introduce H.R. 1595 to allow cannabis banking
“Only Congress can provide the certainty financial institutions need to start banking legitimate marijuana businesses – just like any other legal business – and reduce risks for employees, businesses and communities across the country,” Heck said.

 



Weekend Reads


Los Angeles Times | Maxine Waters and Democrats assail consumer finance watchdog for industry-friendly shift

American Banker | Dems urge CFPB to reinstate military lending exams

Mother Jones | Watch Trump’s Financial Industry Watchdog Get Grilled by Congress’ Newest Members

NPR | Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending

The Washington Post | The ‘heartbreaking’ decrease in black homeownership

 


#ConsumersFirst

Tweets of the Week

    


    


    



                                  
 
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