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On Dodd-Frank Anniversary, Waters Lauds 5 Years of CFPB Successes for Consumers

Washington, DC, July 21, 2016

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the sixth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, highlighting the successes of the Consumer Financial Protection Bureau as it celebrates five years of working for consumers:

“In the six years since we enacted Wall Street Reform, we have seen a financial system that works better for consumers and an economy that is stronger because of it. Nowhere is this more apparent than in the important work of the Consumer Financial Protection Bureau, which ensures that Americans have someone looking out for them so they are not harmed by abusive financial practices. In its short five years, the CFPB has already returned $11.7 billion to more than 27 million consumers and continues to work to protect them from abusive mortgages, predatory loans, deceptive credit terms, unfair debt collection practices, and more.

“The CFPB has been remarkably successful despite a concerted Republican assault on the agency that is intended to prevent the CFPB from doing its job. These relentless attacks on the CFPB reflect the much larger and incredibly misguided Republican deregulatory agenda that would give special interests a leg up and make it harder for every day Americans to get ahead. That’s why we must stop any effort to weaken the CFPB or to roll back the critical Wall Street reforms that have made our economy fairer, safer, and stronger.”

For more information on Dodd-Frank and Republicans’ “Wrong Choice Act”:

Republican Attacks on the CFPB

Waters: We Must Build on Wall Street Reform, Not Dismantle It

Infographic: Why Dodd-Frank Repeal is the Wrong Choice for Consumers, Investors, and the Financial System

Summary of the “Wrong Choice Act”

Opposition to the “Wrong Choice Act”


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