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. 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.
The main objectives of the CFPB are to:
- Provide financial services information to consumers
- Protect consumers from harmful financial practices
- Eliminate unnecessary regulations
- Enforce federal consumer financial laws
- Facilitate innovation in financial services and products markets
CFPB initiatives include “Know Before You Owe”, which merges the Truth in Lending Act and Real Estate Settlements Procedures Act mortgage disclosure forms to more clearly communicate the costs and risks of consumers’ options. The Bureau will also be involved in the regulation of non-bank financial institutions, such as credit rating agencies.
In January 2012 President Obama appointed former Ohio Attorney General Richard Cordray as Director of the CFPB which allows the Bureau to regulate non-bank financial institutions—such as payday lenders, mortgage brokers, and private student lenders. For the first time, the playing field is level between those financial institutions and traditional banks.
More on CFPB
WASHINGTON, DC – In response to the announcement that Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will resign from his post before the end of the month, Congresswoman Carolyn B. Maloney (NY-12), senior member on the House Committee on Financial Services and sponsor of the Credit Card Holder Bill of Rights, released the following statement:
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.
WASHINGTON – Six years after Congresswoman Carolyn B. Maloney’s (D-NY) Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) took effect, consumers have saved more than $16 billion dollars, according to a new report released today by the Consumer Financial Protection Bureau.
“The CARD Act has been a win-win for consumers. Not only has the CARD Act put $16 billion back into the pockets of middle-class Americans, as this important report shows, but it has also increased access to credit, and lowered the cost of credit for consumers.”
WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today urged Consumer Financial Protection Bureau Director Richard Cordray to act immediately to curb abusive overdraft fees. Maloney, who authored the Credit Card Accountability Responsibility and Disclosure Act of 2009, says the CFPB has the authority to limit overdraft fees charged to bank accounts in the same way her bill limited similar fees on credit card transactions. The Congresswoman called for two specific actions by the CFPB: a limit on overdraft fees and expanded opt-in requirements.
WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) is calling for the House to consider legislation she introduced to end abusive overdraft fees after a new report from the Consumer Financial Protection Bureau found that, in lending terms, certain overdraft fees are tantamount to a 17,000 percent annual percentage rate (APR).