Financial Reform and Consumer Rights

• Click below for more info on:
•  
• Accountability
• ~
• Consumer rights

OVERVIEW

Our country has recovered tremendously since the Great Recession, but we still have much work to do to create an economy that works for all Americans, not just those on Wall Street. In 2010, I was proud to vote for the Wall Street Reform and Consumer Protection Act, also known as Dodd-Frank, to address the causes of the crash and put in place safeguards to prevent another financial collapse. This regulatory overhaul created the Consumer Financial Protection Bureau (CFPB) and gave our oversight agencies the tools to monitor the health of our financial system and identify warning signs across markets before it's too late. These regulators are dedicated to standing up for the well-being of consumers and can take action against "too big to fail" banks.

Despite the success of these reform efforts, President Trump and some in Congress have taken steps to dismantle Dodd-Frank and undo the progress we have made towards creating a financial industry that serves all Americans. These efforts include legislation that weakens the CFPB and repeals or waters down rules put in place to outlaw the risky behavior that created the 2008 crisis. We cannot afford to weaken the important reforms that we made after the Great Recession and send our economy spiraling at the expense of hardworking Americans. You can be assured I will continue to work to protect consumers and oppose any action that would put our country's financial system at risk.

STANDING UP FOR CONSUMER RIGHTS

After years of lax oversight, economists and regulators are recognizing that protecting consumers’ financial rights is critical to preventing another economic crisis. I was an early supporter of legislation, now law, to end some of the worst abuses by credit card companies. (To find out what the law means to you, please see: Facts You Should Know About the Credit CARD Act)

I have also led the effort for several important pro-consumer policies. I authored an amendment—passed as part of financial reform—that helps increase the ability of consumers to access their credit scores after I heard from constituents who were impacted by Experian’s decision to deny them access to their own FICO credit score. My amendment led directly to a study by the CFPB which found that 1 out of 5 consumers who try to access their own credit scores from credit bureaus get back scores that are significantly different from the scores that lenders receive about them. That is why my amendment places consumers and lenders on a more level playing field, ensuring that the people of the Massachusetts Third District have the tools they need to build and maintain good credit.

Back to top