On Thursday, Members of Congress took aim at a new banking and lending rule from the Consumer Financial Protection Bureau. Senators and Representatives introduced companion measures to repeal the bureau's rule that makes it easier for consumers to take joint legal action against banks and lending companies.
"Congress should not repeal rules that make banks and lenders more transparent and accountable,"said Eric LeCompte, Executive Director of the religious debt watchdog group, Jubilee USA. "We cannot forget that it was a lack of accountability and transparency in the financial sector that helped create a global financial crisis."
Congress could vote to repeal the consumer rule as early as Tuesday. Senators and Representatives are using the Congressional Review Act (CRA) to eliminate the regulation. Congress has used the CRA 14 times since the beginning of the year.
"Unfortunately, Congress took similar actions earlier this year that weakened our protections against financial crises and voided transparency rules that protect poor countries," said LeCompte.