WASHINGTON - Statement by Mike Litt, U.S. PIRG Consumer Advocate about how the upcoming House vote on the Financial CHOICE Act poses a threat to consumers, depositors, investors and the economy.

“The so-called Financial CHOICE Act, which we call the Wrong CHOICE Act, will be voted on by the full House as early as the week of June 5th. This legislation guts consumer and marketplace protections enacted after the disastrous financial collapse of 2008 and allows big Wall Street banks and payday lenders to run amok again while leaving the average, hardworking consumer, investor and taxpayer with no protection from unfair financial practices.

In particular, U.S. PIRG remains committed to defending the CFPB, the centerpiece of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFPB, in just over 5 years, has already returned nearly $12 billion to 29 million consumers harmed by unfair financial practices.”

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VIDEO AVAILABLE: Along with coalition partners from across the country, U.S. PIRG has posted a short (2 minute) explainer video on how the WRONG Choice Act would practically repeal the highly successful CFPB and roll back consumer and financial protections.

To view the video, simply click here.

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