House Adopts Bonamici Amendment to Protect Young Consumers, Student Borrowers
WASHINGTON, DC [5/22/19] – Today the House adopted an amendment from Congresswoman Suzanne Bonamici (D-OR), Chair of the Education Committee’s Subcommittee on Civil Rights and Human Services, that will strengthen protections for young consumers and student borrowers.
Her amendment was adopted with strong bipartisan support as part of H.R. 1500, The Consumers First Act. The bill restores essential functions of the Consumer Financial Protection Bureau (CFPB) that have been rolled back by the Trump administration. The addition from Bonamici requires that CFPB issue an annual report to Congress on risks to young consumers and student borrowers.
Bonamici spoke in support of her amendment on the House floor. Video can be found here.
“During my years of work as a consumer protection attorney, I learned firsthand how strong consumer protection laws help to keep Americans financially secure,” Bonamici said on the House floor. “This Administration’s efforts to weaken the CFPB have harmed millions of people across the country, including young consumers and student borrowers.”
“This report will help us understand the risks that our young consumers and borrowers face and it will help inform the work of Congress on how best to fight back against those who seek to prey on our nation’s young people,” Bonamici continued.
The amendment was cosponsored by Congressman Harley Rouda (D-CA).
The Consumers First Act contains many other provisions Bonamici has long supported, including provisions to restore the supervisory and enforcement powers of the Office of Fair Lending and Equal Opportunity and the Office of Students and Young Consumers. The bill also requires the CFPB to appoint 25 members to the Consumer Advisory Board, with two-thirds representing consumers, and requires the consumer complaint database be transparent and publicly accessible.