House Passes Consumers First Act

The U.S. House of Representatives passed the Consumers First Act (the "CFA"), which was introduced by House Financial Services Committee Chair Maxine Waters (D-CA). The CFA passed by a vote of 231-191.

The CFA requires the CFPB to meet its statutory purpose and is intended to, among other things, reverse or modify certain "anti-consumer" actions implemented by Mick Mulvaney when he was CFPB Director.

Commentary / Steven Lofchie

This bill is less a piece of legislation than it is a long press release denouncing the President. If the goal of some in Congress is to put out press releases, drafters might want to work on getting a little bit punchier. Law firm lawyers pretty much get paid by the word (or the hour) and we are not as long-winded as this bill.