Democrats and consumer-advocacy groups have been making an urgent push this week to stop Republicans from killing the CFPB’s rule, using major scandals at Equifax Inc. and Wells Fargo & Co. to make their case. Senate Minority Leader Chuck Schumer said Wednesday that repealing the regulation is tantamount to giving Equifax and Wells Fargo a “get-out-of-jail free card” after the companies harmed consumers. Executives from both corporations are slated to appear before Congress next week.
The House passed its bill reversing the CFPB rule in July and they can only afford to lose two Republicans in the Senate for any legislation to pass. Senate Majority Leader Mitch McConnell has not scheduled a vote.
The GOP’s effort has been complicated by the massive data breach at Equifax. When consumers signed up for Equifax’s free credit monitoring earlier this month, they were required to sign a contract that would restrict their ability to sue the company. Equifax later amended its policy following backlash from customers and Democratic lawmakers.
This article was provided by Bloomberg News.