Keeping consumers protected is one of the duties that legislators have. For two Wisconsin legislators, determining the best way to do that isn't coming easy. The disagreement between the two legislators has to do with the Consumer Financial Protection Bureau, a bureau that deals independently with debt collectors, mortgage servicers, banks, securities firms, credit unions and other financial entities on consumer protection issues.
Republican Sean Duffy wants to change the CFPB's operation. The four-year-old bureau is under the Federal Reserve, but the congressman wants to see the bureau answer to Congress instead.
He says that the CFPB is dangerously unaccountable and dangerously powerful. He says that the bureau collects information about citizens that can be likened to the National Security Agency. He says that small banks and credit unions are at a disadvantage under the current system.
Another congressman from Wisconsin says that the change isn't necessary. He says that the Federal Reserve is doing a good job at overseeing the bureau. He reported that more than 10 million consumers have benefited from the bureau. He believes the changes proposed will lead to a financial crisis. Despite those objections, the bill passed the House with a vote of 232 to 182.
Dealing with debt collectors and other financial entities can be difficult for consumers, especially when the consumer is behind on payments. If you have found that you need debt relief or have been harassed by debt collectors, you might have legal options, such as bankruptcy, available to you. Seeking the help of an experienced Wisconsin bankruptcy attorney might help you learn about the options you have available.
Source: WSAU, "Kind, Duffy disagree on Consumer Financial Protection Bureau" Larry Lee, Feb. 28, 2014