Woodstock Institute joins AG Lisa Madigan in support of a robust Consumer Financial Protection Agency

Today, the House Financial Services Committee deliberates over crucial provisions in the Consumer Financial Protection Agency (CFPA) Act. One of these is an amendment, proposed by Rep. Melissa Bean (D-IL), that would stop states from enforcing their own consumer protection laws if they’re stronger than federal laws, turning the CFPA into a ceiling, not a floor.

Woodstock Institute President Dory Rand stood alongside Illinois Attorney General Lisa Madigan yesterday in support of a CFPA that allows state regulators to enforce state consumer protection laws. As Attorney General Madigan wrote to Rep. Bean, having more cops on the beat means stronger protections for consumers:
For the past quarter century, the banking industry has waged a successful lobbying campaign to increasingly preempt the authority of state attorneys general to protect our citizens from unfair and deceptive lending practices. As it turns out, these disastrous lending practices led to the greatest financial catastrophe of our lifetime.
Illinoisans interested in tough consumer protections should contact their representative and let them know that they support a strong CFPA and are opposed to the Bean amendment.