Blog

Today, we're sending a letter to all members of the House of Representatives in opposition to S.2155, which is expected to come up for a vote this afternoon - this bill, which we call the Bank Lobbyist Act, is the biggest roll-back of Wall Street Reform protections for mortgage borrowers and our economy since the economic crash 10 years ago. It also provides breaks for Equifax and the other national credit bureaus. 
 
In addition to our letter, we're delivering petition signatures from over 12,600 of our members across the country, in opposition to S. 2155's credit bureau related problems. 
 
The start of our letter:

Dear Representative,

On behalf of U.S. PIRG and its member non-partisan state Public Interest Research Groups, we write to urge you to oppose S2155, the so-called “Economic Growth, Regulatory Relief, and Consumer Protection Act.” While we appreciate the Senate Banking Committee’s original intent to craft a narrow bill to help only community banks and credit unions, we cannot support S2155 as passed by the Senate and under House consideration this week (with no amendments made in order).

S2155 will increase mortgage fraud and racial discrimination; it will also increase risky banking practices by the nation’s biggest banks, less than years after the September 2008 financial system collapse and October bank bailout. To call it a bill for community banks and credit unions is wrong.

We also link to an additional group letter detailing why the bill’s numerous giveaways to the mistaken-ridden credit bureaus – claimed by the bill’s proponents as supposed pro-consumer amendments – are actually enough reason on their own to oppose S2155.

Our full letter is here.

 

 

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code