Last Congress, Senator Reverend Warnock chaired the Subcommittee on Financial Institutions and Consumer Protection, which oversaw the Consumer Financial Protection Bureau (CFPB)

Senator Reverend Warnock successfully pushed CFPB to remove medical debt from credit scores, impact 12% of Georgians with medical debt

In partnership with Senator Reverend Warnock, CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state

Senator Reverend Warnock: “Georgians I speak to every day don’t have the financial flexibility of the world’s richest man, many of them only have a few hundred dollars in their bank account. Those are the Georgians who will suffer from CFPB’s closure”

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, issued the following statement on the closure of the Consumer Financial Protection Bureau (CFPB):

“The Trump Administration is trying to squeeze the voices of the people out of our democracy so those in power can create more wealth for people like themselves. The Consumer Financial Protection Bureau is their latest target.”

“This reckless action will hurt millions of Georgians and Americans across the country. The CFPB has been an eager partner in our work to protect working-class Americans from fraud, scams, and predatory companies. Fighting on behalf of consumers from mortgages and student loans to medical debt and junk fees, CFPB has returned billions to the public.”

“Georgians I speak to every day don’t have the financial flexibility of the world’s richest man, many of them only have a few hundred dollars in their bank account. Those are the Georgians who will suffer from the CFPB’s closure. I will remain laser-focused on doing everything I can to protect the financial security of Georgians and committed to making sure the protections secured by CFPB aren’t rolled back.”

Last Congress, Senator Warnock worked extensively with CFPB Chair, Rohit Chopra, to return funds and protect Georgians from future financial hardship, including:

• Removing medical debt from credit reports;
• Rule ending an overdraft loophole;
• Highlighting harmful practices in the private student lending market;
• Safeguard Americans from ‘Buy Now, Pay Later’ debts;

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