Congressman Cleaver Urges CFPB to Remain Steadfast And Focused in Its Effort To Protect Consumers

Today, in remarks to the Consumer Financial Protection Bureau (CFPB), Congressman Emanuel Cleaver, II (D-MO) commended the Bureau in its effort to make markets for consumer financial products and services work for all Americans, and urged the CFPB to remain steadfast in efforts to protect consumers.

"In the richest country in the world, the American Dream is far out of reach for far too many," said Congressman Cleaver. "The CFPB is not fighting to ensure that everyone has equal outcomes, but to ensure that we begin at the same starting line. For the first time, one regulator, the CFPB, has a clear mandate to protect consumers and service members, with the authority to identify and stop unfair, deceptive, or abusive practices by financial institutions, address consumer complaints, and enforce laws that outlaw discrimination and other unfair treatment in consumer finance. We must keep working with consumers, lenders, and regulators to make sure consumers get a fair shot. We must help banks work with families buying their first home. We must allow entrepreneurs to access capital responsibly. And we must keep our financial system safe and secure. I urge the CFPB to remain steadfast in the fight for fairness."

The CFPB was established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is called to protect consumers by carrying out federal consumer financial laws. Their duties include: writing rules, supervising companies, and enforcing federal consumer financial protection laws; restricting unfair, deceptive, or abusive acts or practices; taking consumer complaints; promoting financial education; researching consumer behavior; monitoring financial markets for new risks to consumers; and enforcing laws that outlaw discrimination and other unfair treatment in consumer finance.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee, the Ranking Member of the Subcommittee on Housing and Insurance, and also a Senior Whip of the Democratic Caucus. A high-resolution photo of Congressman Cleaver is available here.