Release date:
6/7/2017
North Carolina joins 19 other AGs in urging Congress to protect consumers
(RALEIGH) Attorney General Josh Stein today announced that he and 19 other attorneys general have contacted U.S. House of Representatives leadership opposing legislation that would eliminate needed consumer protections in federal law. If passed, people will be more vulnerable to fraud and abuse in the marketplace.
“This legislation would eviscerate the CFPB, which Congress created at a time when our banking system was out of control,” said AG Stein. “There was no doubt in 2008 that we needed an independent agency focused on protecting people, not Wall Street and the big banks. That remains true in 2017.”
Congress created the CFPB in 2010. Its purpose is to be the federal government’s watchdog to protect consumers in the financial marketplace. During its 2016 fiscal year, the CFPB’s supervisory actions led to financial institutions returning more than $58 million to over 516,000 consumers who had been wronged.
Contact:
Laura Brewer (919) 716-6484
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