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Financial CHOICE Act would 'eviscerate' CFPB, state attorneys general write

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Financial CHOICE Act would 'eviscerate' CFPB, state attorneys general write

New York Attorney General Eric Schneiderman and a group of 20 other state attorneys general have written a letter opposing the Financial CHOICE Act, on which the U.S. House of Representatives is expected to vote June 8.

The June 7 letter pointed to what its authors called adverse effects on critical consumer protections guaranteed in the Dodd-Frank Act. The attorneys general said the overhaul of the Consumer Financial Protection Bureau would "eviscerate" its ability to provide financial protection to consumers if the Financial CHOICE Act were approved.

The act would remove the CFPB's rulemaking and enforcement authority over unfair, deceptive and abusive acts and practices and over mandatory arbitration, the attorneys general said. The act would also remove the bureau's supervision and enforcement authority over large banks and its authority to regulate payday and vehicle title loans, they wrote.

Third-party debt collectors could be allowed to charge usurious interest rates through section 581 of the act, which restricts states' abilities to enforce interest rate caps, they continued. The group also also noted that the act would stop the bureau's regular posting of information to its public database, which would reduce transparency and deprive consumers of information.