Protecting Consumers

Congresswoman Maloney has been an effective and tenacious champion for consumers. Her Credit Card Accountability Responsibility and Disclosure Act has saved consumers $12 billion a year since it was signed into law in 2009.  As Americans recover from our worst financial crisis since the Great Depression—brought on in part by financial firms’ unfair and predatory practices—it is imperative to protect the American consumer.

Overdraft Protections: Along with many of her Democratic colleagues, Congresswoman Maloney has introduced the Overdraft Protection Act. Financial institutions have increasingly used overdraft “protection” plans in a way that is deceptive and unfair to consumers, despite a Federal Reserve Rule that requires financial institutions to obtain consumers’ consent to opt into overdraft coverage. This problem is significant. The FDIC reports that the vast majority of large banks enroll consumers automatically in overdraft plans, charge an average of $35 per overdraft, and manipulate the order transactions to post in a way that maximizes overdraft fees. Read More

Identity Theft Protection: Each week we hear of a new loss of personal data that threatens thousands of Americans with identity theft. In this age of electronic banking and internet transactions, it is easier than ever to have your personal data stolen. Almost every state, including New York, has responded to this threat by enacting laws that allow individuals to protect themselves from identity theft by controlling access to their credit report and the personal data it contains.   Congresswoman Maloney is working in Congress to expand this “file freeze” protection at the national level and enhance notification requirements when personal data is lost. By now, many victims have found out the hard way that once a criminal sets up false accounts in your name, it can be very difficult to clear your credit. In this case it may be years before you can buy a car, buy a house, or get a credit card. Read More

CFPB: Congresswoman Maloney proudly supported the creation of the Consumer Financial Protection Bureau (CFPB), a key component of the Dodd-Frank Wall Street Reform & Consumer Protection Act. The CFPB consolidates consumer protection and regulation of financial practice, and allows consumers the opportunity to provide feedback on and make inquiries about financial consumer products. When families are dealing with financial institutions to open a bank account, take out a loan to send a child to college, or apply for a mortgage, they will be able to trust that the process is fair and transparent. Read More

Credit Card Accountability Responsibility and Disclosure Act of 2009: In the 111th Congress, Congresswoman Maloney authored and passed the Credit Card Accountability Responsibility and Disclosure Act of 2009, which became law on May 22, 2009 [Public Law 111-24].   This bill eliminated credit card practices that the Federal Reserve had deemed unfair and deceptive to customers, and which had an anticompetitive effect, such as retroactive interest rate increases on existing balances, double cycle billing, and agreements that allowed issuers to raise rates “any time for any reason,” without even providing effective notice.  The law ended these practices that, according to some estimates, cost consumers $12 billion in one year alone. Read More

More on Protecting Consumers

Apr 10, 2019 Newsletter

Dear Friend,


This weekly update is coming early this week as the House has finished up voting with Democrats heading to our Issues Conference in Virginia this afternoon. While we were only in DC for a short time this week, we still got a lot done. Below are some highlights.

May 22, 2018 Newsletter

Rep. Maloney at the signing ceremony for the CARD Act with President Obama on May 22, 2009.

Dear Friend,

May 3, 2018 Newsletter

Dear Friend,

Today, not surprisingly, there are more controversies flying out of the Trump White House over the Russia investigation. And while I’m appalled by this news and working to hold this Administration accountable for its abuses, I believe we can’t ignore the damage being done by the President to essential consumer protections that we put in place after the 2008 financial crisis.

Apr 26, 2018 Press Release

WASHINGTON, DC – In response to a letter sent by Congresswoman Carolyn B. Maloney and all of the Democratic members of the House Financial Services Committee, SEC Chairman Jay Clayton committed to holding a public vote by the full Commission on any decision on forced arbitration clauses in corporate governance documents, but would not commit to opposing them. Clayton also stated that this issue is not a priority for him or the SEC at this time.

Apr 11, 2018 Press Release

WASHINGTON, DC – Following today’s House Committee on Financial Services hearing on the Consumer Financial Protection Bureau (CFPB), Congresswoman Carolyn B. Maloney (D-NY), Ranking Member of the Subcommittee on Capital Markets, Securities, and Investment, released the below statement:

Apr 11, 2018 In The News

WASHINGTON (Reuters) - Democratic lawmakers asked U.S. Consumer Financial Protection Bureau chief Mick Mulvaney on Wednesday why he has not issued any sanctions during his five months at the agency.

President Donald Trump in November tapped Mulvaney, already White House budget chief, to also serve as interim head of the agency conceived to stamp out abusive lending after the 2007-2009 financial crisis.

Mar 13, 2018 In The News

As a congressman, Mick Mulvaney once co-sponsored a bill to abolish the Consumer Financial Protection Bureau. And since being appointed by President Donald Trump to temporarily lead the agency, he has worked to cripple it from the inside.

Oct 10, 2017 Press Release

WASHINGTON, DC – Congresswoman Carolyn B. Maloney (NY-12) today called for an investigation into the decision by the IRS to award Equifax a no-bid contract to provide tax fraud protection services just three weeks after the public disclosure of the company’s major security and data breach. Rep. Maloney, senior member of the House Committee on Oversight and Government Reform, asked Chairman Trey Gowdy and Ranking Member Elijah Cummings to convene this hearing.

Oct 6, 2016 Press Release

NEW YORK – Congresswoman Carolyn B. Maloney (NY-12) outlined priorities for cybersecurity of the financial system today at Symphony’s “Innovate 2016” conference. During her remarks, the Congresswoman noted that the risks posed by cyberattacks “have grown significantly in the past few years” and that in order to address these new dangers, we, as a country, must recognize that they go beyond businesses issues, but must be addressed as a policy issue due to operational risk, disruption of financial activity and threats to customer privacy. Rep.

Apr 15, 2016 Press Release

WASHINGTON, D.C. – As today’s budget deadline passed with House Republicans refusing to bring any proposal to the floor for a vote, Congresswoman Carolyn B. Maloney (NY-12) echoed her floor speech from yesterday, calling on the Republican-led Budget Committee to redraft their budget blueprint and meet the responsibilities of governing by adopting a budget that helps everyday hardworking Americans and their families.