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house Bill H.R. 1500

Should the Trump Admin’s Changes to the Consumer Financial Protection Bureau Be Reversed?

Argument in favor

The Trump administration has repeatedly tried to undermine and marginalize the Consumer Financial Protection Bureau. This bill would protect the agency from further attacks and ensure it can perform its responsibilities.

Robert 's Opinion
···
05/20/2019
The Consumer Financial Protection Bureau should be funded and changes made by the Trump administration reversed. The CFPB was an advocate for consumers who had been ripped off by harmful corporate vipers before it was decimated by Mulvaney. Trump and his minions neutralized its effectiveness. Anything that's good for the middle class is fair game for this corrupt bunch of thieves.
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John's Opinion
···
05/22/2019
For all those who feel this is just “Trump hate” or some kind if revenge, go apply for a now unregulated loan or go ahead and get ripped off by some crooked business. These laws were for consumer protection. If you don’t like it, I suspect you are profiting by deregulation somehow. I see my “representative” voted against it. Mr Republican party-liner. Never misses. It passed, likely will die in the Senate. Enjoy your payday loans, Republicans. And don’t give me any of that Bible stuff. There’s alot more about usury than most of the stuff you worry about.
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Dawn's Opinion
···
05/21/2019
The Trump administration has repeatedly tried to undermine and marginalize the Consumer Financial Protection Bureau. This bill would protect the agency from further attacks and ensure it can perform its responsibilities.
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Argument opposed

Rather than passing a partisan bill to further politicize the CFPB, House Democrats should support bipartisan efforts to reform the agency in the mold of other bipartisan federal commissions.

Martin's Opinion
···
05/19/2019
This appears to be just another shot at the President, another program being used to cause dissension.
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Raymond 's Opinion
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05/21/2019
ANYTHING MAXINE WATERS wants is seriously bad for AMERICA AND AMERICANS.
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Susan's Opinion
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05/19/2019
This is just another attempt by the liberal left to control every possible aspect of the life of a citizen of the USA. I see no place in the Constitution where such an agency is one of the enumerated powers of the federal government and will remind you all that where the Constitution does not give specific power to the federal government, all power remains with the states and we the people. The last thing we need is more federal government interference in our daily lives or our economy.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed May 22nd, 2019
    Roll Call Vote 231 Yea / 191 Nay
      house Committees
      Committee on Education and Labor
      Committee on Financial Services
    IntroducedMarch 5th, 2019

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What is House Bill H.R. 1500?

This bill — the Consumers First Act — would aim to reverse structural changes made to the Consumer Financial Protection Bureau (CFPB) by the Trump administration and prevent future efforts to undermine its mission.

The bill would codify the agency’s name into law as the Consumer Financial Protection Bureau to block prior renaming efforts (to the Bureau of Consumer Financial Protection) and prevent future attempts at rebranding it.

Additionally, it would reverse structural changes made by Acting OMB Director Mick Mulvaney to diminish the responsibility of several offices, including the Office of Fair Lending and Equal Opportunity.

Adequate staffing of these offices would be required, the number of political appointees would be limited, and the consumer complaint database made available to the public.

Impact

The Consumer Financial Protection Bureau; the Trump administration; and Congress.

Cost of House Bill H.R. 1500

$19.00 Million
The CBO estimates that enacting this bill would cost $19 million over the 2019-2029 period.

More Information

In-Depth: House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced this bill to “block the Trump Administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau”, and added:

“I consider the Consumer Financial Protection Bureau to be the centerpiece of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the leadership of former Director Richard Cordray, the agency operated as Congress intended, and helped people around the country with their mortgages, credit cards, student loans, and other financial institutions that had harmed consumers and returned nearly $12 billion to over 30 million consumers. Now, Trump’s appointees are trying to put a stop to that critical work. Democrats on this Committee will fight every day to make sure that the Consumer Bureau is able to work toward its mission of protecting consumers. That’s what the Consumers First Act is all about.”

House Republicans opposed this bill in committee and called it “an overt attempt by the Majority to codify their political agenda”, adding in its committee report:

“Since creation of the CFPB, Committee Republicans have fought against its rampant abuse of power, regulation through enforcement, and an unconstitutional structure governed by a single individual who is unaccountable. Committee Republicans support current efforts underway separate from H.R. 1500 to restructure the CFPB as a bipartisan Commission and urge Democrats to continue making the necessary reforms. Unfortunately, H.R. 1500 not only continues the status quo but exacerbates politicization of the agency.”

This bill passed the House Financial Services Committee on a party-line 34-26 vote and has the support of 29 cosponsors, all of whom are Democrats.


Of Note: The Consumer Financial Protection Bureau (CFPB) was created in response to the financial crisis by the Dodd-Frank Act to regulate consumer financial products and services, and offer advice and assistance.

The Trump administration has taken several steps to restructure and reform the CFPB since 2017, including reducing membership of its advisory boards, implementing a hiring freeze, and attempting to rename the agency.


Media:

Summary by Eric Revell

(Photo Credit: iStock.com / skyneshar)

AKA

Consumers First Act

Official Title

To require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes.

    The Consumer Financial Protection Bureau should be funded and changes made by the Trump administration reversed. The CFPB was an advocate for consumers who had been ripped off by harmful corporate vipers before it was decimated by Mulvaney. Trump and his minions neutralized its effectiveness. Anything that's good for the middle class is fair game for this corrupt bunch of thieves.
    Like (221)
    Follow
    Share
    This appears to be just another shot at the President, another program being used to cause dissension.
    Like (43)
    Follow
    Share
    For all those who feel this is just “Trump hate” or some kind if revenge, go apply for a now unregulated loan or go ahead and get ripped off by some crooked business. These laws were for consumer protection. If you don’t like it, I suspect you are profiting by deregulation somehow. I see my “representative” voted against it. Mr Republican party-liner. Never misses. It passed, likely will die in the Senate. Enjoy your payday loans, Republicans. And don’t give me any of that Bible stuff. There’s alot more about usury than most of the stuff you worry about.
    Like (145)
    Follow
    Share
    The Trump administration has repeatedly tried to undermine and marginalize the Consumer Financial Protection Bureau. This bill would protect the agency from further attacks and ensure it can perform its responsibilities.
    Like (111)
    Follow
    Share
    Consumer PROTECTION Bureau. Reverse this regime’s changes, protect consumers.
    Like (54)
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    Consumer Financial Protection was set up to make sure Big Corp Banks don’t have unfair practices to the consumer without a watchdog. Example is Wells Fargo training their staff to sign up consumers (their customers) with 6 Wells Fargo accounts. Trump and his big rich corporations are free to do whatever they want to hardworking Americans. We need an organization to watch the big greedy corporations so they don’t swindle the consumer out of more money to line the pockets of the executives at the financial organizations. The banking executives need to go to jail. They are greedy and got away with screwing over the American people.
    Like (38)
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    The Trump administration has repeatedly tried to undermine and marginalize the Consumer Financial Protection Bureau. This bill would protect the agency from further attacks and ensure it can perform its responsibilities.
    Like (38)
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    ANYTHING MAXINE WATERS wants is seriously bad for AMERICA AND AMERICANS.
    Like (32)
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    Anybody who is against this must be getting some sort of kickbacks for crooked loans, or they just have no idea what they’re talking about! What they’re trying to overturn is trumps idea of screwing over the American people and trying to make it look good.
    Like (32)
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    Trump made his money off the backs of the poor working class, dodging taxes and bullying everyone he could. He sees nothing wrong with making the poor give what little they have to making the rich richer
    Like (29)
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    Every single thing this Administration has done and continues to do is aimed at destroying America. Corporations are not America. It is the job of government to regulate commerce. When it ceases to regulate and begins giving the country away it is time to get rid of the sell-outs and replace them. In my opinion nothing this gang of criminals do should be left standing. Pie in the sky wishful thinking since virtually all of Congress is bought and paid for by the people they are supposed to be regulating, but my belief none the less.
    Like (28)
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    He is an illegitimate president. How can you fools not see how he’s destroying every protection we had? Midwesterners, how do you like all the tornadoes you’re having? You can thank the ass you voted for for doing absolutely nothing to rein in climate change. Be prepared for things to get much worse. Same with you farmers. One of these days there will be no more money to bail your asses out. We can’t save you from the fool forever! Everything the chief ass has done should be reversed as soon as we impeach him or vote his big, fat ass out! Whichever we can do first!
    Like (27)
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    Yes. Everything this Republican administration and Republican Congress has done, has gutted consumer and citizen protections and protected corporations and given more leeway for corporations to pollute our planet and steal money from consumers. Bad Republicans....Bad.
    Like (26)
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    HEY ARKANSAS, REPRESENTATIVE RICK CRAWFORD JUST VOTED AGAINST CONSUMER PROTECTION AND IN SUPPORT IF COVER UP ARTIST TRUMP. YOU CAN DO BETTER THAN THIS TRUMP LAPDOG. VOTE HIM OUT.
    Like (24)
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    All 45’s changes to existing consumer protections should be reversed.
    Like (23)
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    Why oh why are the powers that be again chipping away at something that protects us ordinary citizens? 🤔
    Like (23)
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    Mulvaney ‘s evisceration of consumer protections was a scandal. Time to restore the agency’s effectiveness!
    Like (21)
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    This is just another attempt by the liberal left to control every possible aspect of the life of a citizen of the USA. I see no place in the Constitution where such an agency is one of the enumerated powers of the federal government and will remind you all that where the Constitution does not give specific power to the federal government, all power remains with the states and we the people. The last thing we need is more federal government interference in our daily lives or our economy.
    Like (20)
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    The CFPB was set up to protect consumers. But, Trump doesn't give a poop about the working man. He's all for the power of the corporations.
    Like (19)
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    Trump and his administration are motivated by greed. They have no interest in the Consumer Financial Protection Bureau which was set up to protect consumers from greedy, surreptitious business practices.
    Like (18)
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