Waters Statement on the CFPB’s Weak Settlement with State Farm Bank
Washington DC, December 13, 2018
Following the announcement that the Consumer Financial Protection Bureau (Consumer Bureau) settled with State Farm Bank, FSB, over the misuse of consumer credit information without imposing a civil penalty, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, made the following statement:
“To cap off his harmful tenure at the Consumer Bureau, Mick Mulvaney has chosen to once again turn a blind eye to predatory behavior.
Ranking Member Waters has consistently led efforts to protect America’s consumers. Most recently, she has expressed concern about issues at the Consumer Bureau, including a proposal to weaken the Consumer Bureau’s “no-action letter” policy and a Consumer Bureau analysis on excessive account fees charged to students by large banks that was only revealed in a Freedom of Information Act (FOIA) disclosure.