Among many other dangerous elements, this bill eliminates the Consumer Financial Protection Bureau’s power over:
- Supervision of big banks
- Payday lenders
- Forced arbitration, and
- Unfair or abusive practices.
The bill would make consumer financial protection even weaker than it was in the years leading up to the 2008 economic crisis. Tell your Senator:
Don’t side with predatory lenders and Wall Street banks that violate the law and commit unfair practices. Oppose the H.R. 10, the WRONG Choice Act and any other bill that weakens the CFPB or its power over payday lenders, forced arbitration, and big banks.
The Financial Choice Act passed in the House of Representatives on June 8, 2017, but the fight is not over. The bill is headed to the Senate next. Don’t know who your Senator is? Find out here.