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Statement by Mike Litt, consumer campaign director at U.S. PIRG, on this evening’s final passage of S.2155, the so-called Regulatory Relief, Economic Growth and Consumer Protection Act, but better known as the #BankLobbyistAct, in the House.
“It’s hard to watch Congress ignore the painful lessons of the Great Recession that started with an historic financial collapse that occurred less than 10 years ago. The warning signs are plain to see. There is a strong chance we will see an increase in mortgage fraud, racial discrimination, and risky banking practices. Why open the door to such risk when profits and loans for banks of all sizes are up right now? And to add insult to injury, why are the credit bureaus getting a break in this bill only 9 months after news of the massive Equifax data breach?”
U.S. PIRG is the federation of state Public Interest Research Groups. PIRGs are non-profit, non-partisan public interest advocacy organizations that stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society.
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