WASHINGTON – The U.S. House of Representatives has agreed to vote on H.R. 10, Financial CHOICE Act of 2017. If enacted the bill would reconstitute the Consumer Financial Protection Bureau (CFPB) as a civil enforcement agency. The Veterans of Foreign Wars of the U.S. says Congress must ensure the proposed Consumer Law Enforcement Agency retains the CFPB’s authority to protect our nation’s service members and veterans from predatory financial practices.
“The CFPB investigates and penalizes financial and educational institutions for predatory financial practices that violate federal laws aimed at protecting the financial well-being of our nation’s service members and veterans,” said VFW Adjutant General Bob Wallace. “Its watchful protection of those who have taken an oath to defend this country has resulted in financial institutions reversing predatory practices and repaying millions of dollars in civil fines and restitution to our nation’s heroes.”
House Financial Services Committee Chairman Jeb Hensarling issued a statement fully supporting the enforcement of consumer financial laws designed to protect service members and veterans. The VFW lauds the chairman for his commitment to protect the financial state of our service members and veterans to ensure they can focus on defeating our enemies or successfully transitioning back to civilian life.
“The VFW thanks Chairman Hensarling for being willing to work with us to help ensure service members and veterans aren’t placed in financial harm’s way,” explained Wallace. “The legislative process is long. We will now work with the chairman and the Senate to ensure the final piece of legislation serves the best interest of the men and women who answer the call to serve.”