Neguse Amendment to Protect Seniors Passes the House With Bill on Consumer Protection
Washington D.C. — Today, an amendment brought by Congressman Joe Neguse to ensure the protection of senior consumers passed on the House floor with bipartisan support along with H.R. 1500 the Consumers First Act. The amendment would require the Director of the Consumer Financial Protection Bureau (CFPB) to issue an annual report to Congress of consumer complaints from older Americans, including a state-by-state breakdown of complaints by type of consumer financial product or service.
“We often see seniors at the highest risk for unfair and fraudulent business practices, which has resulted in seniors losing anywhere from $2.9 billion to $36 billion a year from financial exploitation. As we take up important legislation to protect consumers and reinstate the powers of the CFPB, we must not leave our seniors behind,” said Neguse. “Having served as the Director of Colorado’s Department of Regulatory Agencies, I had the honor to work on behalf of all Coloradans to protect them from unfair, deceptive, and fraudulent business practices, and I am proud to continue this work at the federal level for consumers nationwide.”
The Consumers First Act, H.R. 1500, seeks to restore and protect the supervisory and enforcement powers of the Consumer Financial Protection Bureau and return the nonpartisan agency to its essential role of protecting consumers in the financial marketplace.
View the Congressman’s remarks on the amendment here.