Coffman adds to anti-consumer record by also voting to cut funding for the Consumer Financial Protection Bureau
Yesterday, Congressman Mike Coffman voted to undermine hardworking Americans by slashing funding for the Consumer Financial Protection Bureau (CFPB). What started as a bipartisan bill establishing three advisory boards to provide information on small businesses, credit unions, and community banks, was transformed by Republicans into a scheme to cut funding for the CFPB. Just as bizarrely, Coffman voted against keeping predatory lenders off of the CFPB advisory board. To be clear, Coffman is protecting people who have been convicted of predatory lending on military bases and fraud against veterans and service members. Already this week he was caught fundraising off of the VA scandal in Aurora.
“Congressman Coffman should be ashamed of his vote to allow people who prey on veterans and service members to serve on the CFPB advisory board – especially in the same week that he was caught fundraising off the VA scandal in Aurora,” said DCCC Communications Director Matt Thornton. “Every time Coffman cheerleads for this reckless Republican agenda he is hurting middle-class families, veterans, and students in his district.”
BACKGROUND
Coffman Voted Cut Funding For The Consumer Financial Protection Bureau, Creating An Unnecessary Burden On An Already Cash Strapped Agency. In April 2015, Coffman voted in favor of the Bureau of Consumer Financial Protection Advisory Board Act. The bill would establish a Small Business Advisory Board within the Consumer Financial Protection Bureau. According to the Congressional Budget Office (CBO), the creation and staffing of the advisory boards would cost $9 million over 10 years. This cost would be offset by limiting the amount of direct funding that the Bureau may request from the Federal Reserve for two future years. The CFPB projects that this bill would limit its budget by $45 million in FY2020 and $100 million in FY2025. The bill passed 235-183. [HR 1195, Vote #167, 4/22/15; OMB, 4/21/15; CBO, 4/03/15]
Coffman Voted Against Motion To Prevent People Convicted of Predatory Lending On Military Bases, Fraud Against Veterans Or Service Members From Serving On CFPB Advisory Board. Coffman voted against a motion that would prevent anyone employed by a company convicted of predatory lending on military bases, or fraud against veterans or service members from serving on a Consumer Financial Protection Bureau advisory board. The motion failed 184-234. [HR 1195, Vote #166, 4/22/15]
Coffman Voted To Replace The Director Of The Consumer Financial Protection Bureau With A Commission, Undermining The Agency’s Effectiveness. In February 2014, Coffman voted to undermine the Consumer Financial Protection Bureau. The bill “would replace the bureau’s director with a commission and subject it to the appropriations process … The bill, which would rename the bureau as the Financial Product Safety Commission, also would force the agency to get permission from consumers before collecting non-public data.” The bill passed, 232-182. [HR 3193, Vote #85, 2/27/14; Reuters, 2/27/14]
Coffman Also Voted Against Protecting CFPB’s Ability To Protect Service Members From Payday Lenders. In February 2014, Coffman voted against a motion that would protect the Consumer Financial Protection Bureau’s ability to protect service members from payday lenders, enforce sanctions related to ATM or private student loan fees, or alert consumers about personal information breaches. The motion failed, 194-223. [HR 3193, Vote #84, 2/27/14; CQ Floor Votes, 2/27/14]
Coffman Voted To Weaken The Consumer Financial Protection Bureau By Allowing The Agency To Be Overruled By A Simple Majority. In 2011, Coffman voted to limit the effectiveness of the Consumer Financial Protection Bureau (CFPB) which “has the authority to regulate financial markets in ways meant to improve consumer protection”. The CFPB, which had a single director, would instead have a five-member board. This legislation would also change the two-thirds majority vote by the Financial Stability Oversight Council to override a CFPB decision to just a simple majority. The bill passed 241-173. [HR 1315, Vote #621, 7/21/11; The Hill, 7/21/11]