March 14, 2018

Wyden Votes Against Anti-Consumer Senate Banking Bill

Washington, D.C. – U.S. Sen. Ron Wyden, D-Ore., today voted against legislation that would cut protections for consumers Congress put in place after the 2008 financial crisis.

The Senate banking bill weakens regulatory protections enacted after the 2008 financial crisis by substantially relaxing consumer protections and reducing the number of banks subject to heightened regulatory scrutiny.

“After the Equifax security breach and Wells Fargo customer abuses, it’s clear there’s more work to be done when it comes to protecting American consumers from big banks,” Wyden said. “Yet instead of working to provide more protections for hardworking families, this bill stacks the deck in favor of banks.

“Banks just got a big Republican tax cut. They don’t need an exemption from rules protecting consumers, now, too. I voted against this bill because banks don’t need any more help. Consumers do.”

Wyden successfully included in the broader legislation the bipartisan bill he wrote with Sen. Lisa Murkowski, R-Alaska, to boost local economies and businesses by providing small business owners better access to financial capital through credit unions. The Credit Union Residential Loan Parity Act would ensure that small residential housing loans do not count toward the business lending cap for credit unions.

Wyden also filed an amendment to the bill to require the Consumer Financial Protection Bureau (CFPB) to bring transparency to small business lending by identifying barriers that prevent women and minority entrepreneurs from starting small businesses. The amendment was not included in the bill that passed the Senate.