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Chairman Hensarling’s Statement on the Financial CHOICE Act and Service Members

WASHINGTON, Jun 7 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement concerning the Financial CHOICE Act and consumer protections for service members:

“True consumer protection comes from competitive, transparent and innovative markets that are vigorously policed for fraud. That’s what the Financial CHOICE Act is all about.  The Financial CHOICE Act imposes the toughest penalties in history for those who commit financial fraud.  It re-establishes the CFPB as a civil enforcement agency so it is fully focused on enforcing the consumer financial protection laws written by Congress, especially those designed to protect our veterans, service members, their family members and dependents, and other consumers.  The Financial CHOICE Act does not weaken the laws that specifically protect active duty and retired members of our armed forces such as the Military Lending Act or the Servicemember’s Civil Relief Act.  As the Financial CHOICE Act progresses through the legislative process, I look forward to continuing to work with Chairman Roe, the Veterans of Foreign Wars of the U.S. and other stakeholders to ensure that the Consumer Law Enforcement Agency protects our nation’s veterans from fraudulent and predatory practices while still maintaining access to affordable credit. 

“With the Financial CHOICE Act, we will finally have a true cop on the beat to protect veterans and all consumers.”