Rep. Stevens Applauds House Passage of her Amendment to H.R. 1500, the Consumers First Act

WASHINGTON – Today, Congresswoman Stevens (MI-11), made the following statement after the U.S. House of Representatives adopted her amendment to H.R. 1500, the Consumers First Act, on an overwhelmingly bipartisan basis. The Consumers First Act, which passed the House today, is a bill to restore and protect the supervisory and enforcement powers of the Consumer Financial Protection Bureau (CFPB) and return the nonpartisan agency to its essential role of protecting consumers in the financial system. The text of the Amendment can be found here.

The Consumer Financial Protection Bureau was established in the wake of the financial crisis as an independent regulatory agency to protect American taxpayers from predatory and unfair practices in the financial system. Within a few years of it’s creation, the CFPB has put over $12 billion back into the pockets of 30 million American consumers.

Congresswoman Stevens’ Amendment to H.R. 1500 would ensure that the CFPB’s Consumer Advisory Board includes individuals who represent community banks, credit unions, small business owners, and experts in U.S. economic growth and jobs. The Consumer Advisory Board is a crowdsourced group of experts on consumer protection, consumer financial products or services, community development, fair lending, civil rights, underserved communities, and communities that have been significantly impacted by higher priced mortgage loans. The Board is tasked with informing the CFPB about emerging practices or trends in the consumer finance industry, and assessing the impact of emerging products, practices, or services on consumers and other market participants.

“This amendment gives small businesses a seat at the table for CFPB’s decision making, while furthering the goal of ensuring our financial system works for everyone,” said Congresswoman Stevens. “In my district, credit unions and community banks offer helpful resources to individual borrowers as they look to purchase a home or start a business. These institutions have invaluable knowledge that the CFPB should utilize as it works to protect consumers from fraud and abuse. My district is also home to several thousand small businesses including manufacturers, auto parts suppliers, retail, and restaurants. These small business owners contribute so much to our communities, and they have their finger on the pulse of the economy more than just about anyone. We should welcome the expertise of these key stakeholders as the CFPB continues to do great work on behalf of the American people.”

The full text of the Amendment can be found here and below.

AMENDMENT TO THE RULES COMMITTEE PRINT

116–15

OFFERED BY MS. STEVENS

Page 36, line 25, strike ‘‘and’’.

Page 37, line 7, strike the period and insert ‘‘; and’’.

Page 37, after line 7, insert the following:

‘(C) seek to appoint individuals involved in the industries affected by the Bureau, including individuals who represent community banks, credit unions, small business owners, or experts in United States economic growth and jobs.’’.

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