Obama Threatens To Veto Republican Bill That Would Undo Consumer Protections

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President Obama is standing up for average Americans by threatening to veto a Republican bill that would undo important consumer protections.

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The President issued his veto threat in a Statement of Administration Policy:

Americans deserve clear and easy to understand disclosures of the cost of buying and financing a home, which is why the Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Consumer Financial Protection Bureau (CFPB) to streamline conflicting disclosures that were required under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The Know Before You Owe regulation issued by the CFPB almost two years ago fulfills this mandate by requiring mortgage lenders and settlement agents to provide homebuyers with simpler forms that explain the true cost of buying their home at least three days before closing. This summer, the CFPB extended the effective date for these requirements by two months, to last Saturday, October 3, 2015, to provide for a smooth transition and avoid unnecessary disruptions to busy families seeking to close on a new home at the beginning of the school year.

H.R. 3192 would revise the effective date for the Know Before You Owe rule to February 1, 2016, and would shield lenders from liability for violations for loans originated before February 1 so long as lenders made a good faith effort to comply.

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The CFPB has already clearly stated that initial examinations will evaluate good faith efforts by lenders. The Administration strongly opposes H.R. 3192, as it would unnecessarily delay implementation of important consumer protections designed to eradicate opaque lending practices that contribute to risky mortgages, hurt homeowners by removing the private right of action for violations, and undercut the Nation’s financial stability.

If the President were presented with H.R. 3192, his senior advisors would recommend that he veto the bill.

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Every single Republican presidential candidate has vowed to kill the Consumer Financial Protection Bureau (CFPB) if they are elected to be the nation’s next president. Getting rid of consumer protections in near the top of the to-do list for the Republican Party.

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The current bill, which is misnamed the Homebuyers Assistance Act, would set the country back on the path to the bad old days that created Great Recession. Risky mortgages caused many people to lose their homes, and Republicans are anxious to repeat the mistakes of their recent past.

President Obama’s veto threat won’t get any attention in the mainstream press, but his willingness to fight for ordinary Americans is why he is more important now than ever, and the stakes in 2016 couldn’t be higher.

18 Replies to “Obama Threatens To Veto Republican Bill That Would Undo Consumer Protections”

  1. The GOP is one big pain in the butt. They cannot do anything reasonable or good. They always have to be throwing a wrench in things unnecessarily.

    I am debating whether I am even going to follow the campaign/elections, or even read the news anymore. I am sick to death of their games and childishness, and paying them with our money for being jerks.

    (Rant is over).

  2. Why in God’s name do people vote for these cretins from a toxic cesspool? I want one Republican voter to name me just one piece of legislation the GOP have passed that assist “we the people.” Just one. The people that vote Republican need psychiatric help

  3. All I know the ed Shultz and his white emo minions of the world will miss this Man. President Barack Hussein Obama

  4. Maxie, I don’t even think psychiatric help would benefit them. First of all, you need a brain which they don’t have.

    Secondly, no medication will help sociopaths, it is a characterological issue, their character is in the cesspool like you say.

  5. “The current bill, which is misnamed the Homebuyers Assistance Act, would set the country back on the path to the bad old days that created Great Recession. Risky mortgages caused many people to lose their homes, and Republicans are anxious to repeat the mistakes of their recent past.”

    This paragraph says it all.

    Take it as a warning. This isn’t mere legislating anymore. This is their business plan now.

  6. The Gop/Teabums are actual proof of 1 John 5:19 the whole world in under the control of the evil one. Isn’t ironic that they (GOP)proclaims themselves to be champions of Christianity, but they not only have no idea what the Bible says, but they do everything it say’s not to do.

  7. If you stop following this nonsense of the GOP, which I agree is trying, the GOP will win. Stay the course, defeat the fascists. Save America.

  8. GOP has turned into the “bitch and moan” party. Most things that they denounce are directly due to Republican policies. How could anyone think it would be a good idea to hand them the reigns again?

  9. I fail to understand why the title “Representative” or “Senator” is appropriate for any tea party/republican when they have repeatedly proven otherwise?

    They are treasonous, seditionist, fascist – totally anti-American!

    They are an insult to our Founders, Framers, to the American people and to everything our country stands for.

    We need to vote every single one of them out of office in the next election: the sooner, the better!

  10. This is NOT anything new, it’s been their plan for ages. It’s at the front now simply because this party has been taken over by the crazy’s and the teabaggers. These people will only stop when their agenda has been fulfilled. Then and only then will they finally understand WHAT the brought about. The complete loss of freedom. Not thinking beyond what your being told does that.

  11. The GOTP, so blatantly stands for nothing but destruction of the peoples rights and propping up the 1% that at this point only a blind, purposely ignorant fool would want one to represent them at any level of government.

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