Representatives Who Voted To Cripple CFPB Received 83 Percent More From Banks

Last week, 241 U.S. representatives voted in favor of a bill that would strip the newly-created Consumer Finance Protection Bureau of its teeth by giving more oversight to a regulatory council. According to a analysis of campaign finance reports, commerical banks and bank holding companies spent 83 percent more collectively on lobbying lawmakers who would ultimately vote ‘yea’ than it did on those who opposed the legislation. If the bill manages to surmount both the Senate and the threat of a presidential veto, it would cripple the federal agency, which was created to protect consumers from “abusive and deceptive financial practices.”

Sarah Bufkin