Consumer groups seek expansion of CFPB’s authority

Legislation would give CFPB power to enforce protections for military consumers

At a time when some in Congress are trying to reduce the power of the Consumer Financial Protection Bureau (CFPB), a coalition of consumer groups is trying to expand the agency’s authority.

Specifically, the groups – including the Consumer Federation of American, Public Citizen, Americans for Financial Reform, and the National Consumer Law Center – are backing legislation to give the agency the power to protect military consumers from exploitation.

Senate Democrats have introduced legislation that would give CFPB direct oversight of the Military Consumer Enforcement Act, a 2003 law designed to protect military personnel from abusive financial practices and predatory loans.
Read on.

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