Today, we sent a letter addressed to all members of the House of Represenatives in opposition to S. 2155, or as we and other advocates call it, the Bank Lobbyist Act. We are joined by 84 other groups and leaders, representing communities, consumers, servicemembers, and workers across the country. In particular, this letter explains how the bill benefits Equifax and the other national credit bureaus at the expense of average consumers and our military servciemembers.
Recent reports suggest Congressman Jeb Hensarling, Chairman of the House Financial Services Committee, is willing to advance this bill in the House as is, sugesting a vote might be coming soon. You can make your voice heard by signing our petition against the bill here.
Here is how our letter begins:
April 30, 2018
The undersigned 85 national and state-based organizations and leaders – representing communities, consumers, servicemembers, and workers – write in opposition to S. 2155 as it proceeds to the House. In particular we would like to highlight how it benefits the three national credit bureaus at the expense of average consumers and our military servicemembers.
These problems are in addition to those posed by the bill’s core provisions, which, despite supporters’ claims, are likely to increase mortgage fraud, racial discrimination, and risky banking. (Detailed letters and statements are available here.)
After 10 years since the Great Recession and 8 months since news of the Equifax data breach, we are alarmed to see Congress moving to stack the deck in favor of banks of all sizes and the credit bureaus.
Below is further explanation of the three credit bureau related problems in the bill:
S. 2155 replaces stronger state laws against ID theft, denies servicemembers their right to a day in court, and paves the way for Equifax and the other Big 3 credit bureaus to take over the scoring marketplace.
You can download our letter to read the rest of it.
Director, Consumer Campaign, PIRG
Mike directs U.S. PIRG’s national campaign to protect consumers on Wall Street and in the financial marketplace by defending the Consumer Financial Protection Bureau, and works for stronger privacy protections and corporate accountability in the wake of the Equifax data breach. Mike lives in Washington, D.C.