Advocacy Group Challenges Effort to Undermine Consumer Bureau

Accountable says Emmer bill would harm consumers if implemented

An advocacy group aligned with consumer interests is challenging newly-introduced legislation by Rep. Tom Emmer (R-MN) that the group says would hamstring the Consumer Financial Protection Bureau's (CFPB) ability to take action to protect consumers in the financial marketplace.

Accountable.us noted that Emmer is closely aligned with Wall Street interests that continue to seek to undermine the authority of the CFPB.

Emmer's campaign contribution records seem to substantiate that claim, revealing a close relationship with Wall Street donors and other industries with an ax to grind against the Bureau. Over his career, Emmer has accepted over $500k from commercial banks, $209k from finance and credit companies, and $956k from the securities and investment industry — all staunch opponents of the CFPB. 

For its part, Accountable claims the current House majority has a track record of standing in the way of consumer protection measures.

“The House Financial Services Committee Majority has made a career out of amplifying the financial industry’s grievances against the CFPB. They are not shy about their desire to sabotage the agency, despite its role in recouping billions of dollars for victims of financial abuse,” said Liz Zelnick, Director, Economic Security & Corporate Power at Accountable. “It’s no surprise that Emmer is joining the ranks of Chair Patrick McHenry and Rep. Luetkemeyer as they do the bidding of their industry donors while American consumers face the consequences.” 

The group notes that Emmer's efforts come at a time when the CFPB is consistently taking action to rein-in bad actors from payday lenders to big banks like Wells Fargo.

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