Beatty Backed Amendment Included in Consumers First Act Passes House

WASHINGTON, D.C.—Yesterday, the U.S. House of Representatives passed the Consumers First Act, H.R. 1500, by a vote of 231-191. The bill would restore and protect the supervisory and enforcement powers of the Consumer Financial Protection Bureau (CFPB) and return the nonpartisan agency to its essential role of protecting consumers in the financial marketplace. Included in the bill was an amendment introduced by U.S. Congresswoman Joyce Beatty (OH-03) and Congressman Steve Cohen (TN-09) that would give consumers free annual access to their credit scores.

Speaking from the House Floor in support of H.R. 1500, Beatty said, "The title of this piece of legislation says it all. This bill puts consumers first by ensuring the CFPB remains dedicated to its original mission: consumer protection." Beatty continued, "For countless Central Ohio families, the CFPB has been a vital resource, ensuring stability, accountability, and transparency in our financial system and protecting taxpayers from predatory, unfair, and deceptive lending practices. That is why I was proud to join my House Democratic colleagues in passing the Consumers First Act, and I am extremely pleased to see that my amendment giving my constituents and all Americans access to their credit score for free was included in this landmark bill."

Earlier this month, Beatty reintroduced the Free Credit Score Act of 2019, H.R. 2753, a bill that would provide Americans free annual credit scores with their annual credit report, along with an explanation of how credit scores are calculated.

Of note, since its creation in 2010, the CFPB has returned nearly $12 billion to more than 30 million consumers who were victims of fraud and abuse. Yet, the Trump Administration has systematically weakened the CFPB and reduced oversight of the financial industry, dismantling financial protections for servicemembers, seniors and college students. At the same time, refusing to hold bad actors accountable for predatory practices. In fact, just last year, CFPB enforcement actions had dropped by an average of 75 percent, resulting in countless American consumers unable to pursue justice or receive the compensation they deserve.

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