Protecting New Jersey from Abusive Mortgage Industry Practices
In Recognition of Dodd-Frank’s 5th Anniversary, Pallone and Consumer Protection Advocates Discuss the Past, Present and Future of New Jersey Consumer Protection
NEW BRUNSWICK, NJ – In recognition of the 5th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congressman Frank Pallone, Jr. (NJ-06) held a roundtable discussion today in Highland Park with NJ Citizen Action, consumer protection advocates and New Jerseyans who have benefitted from the law. The roundtable highlighted the Dodd-Frank law and the work of the Consumer Financial Protection Bureau (CFPB). The participants discussed Dodd-Frank’s work to stabilize the financial system and the mortgage market, CFPB’s work to advocate on behalf of the people of New Jersey by protecting homebuyers and preventing the most abusive practices in payday lending, and what is in store for the future.
“In 5 years, Dodd-Frank has brought greater transparency and oversight to the financial services industry, given regulators the necessary tools to prevent another financial crisis, leveled the playing field for consumers, and stabilized our financial system and mortgage markets,” said Congressman Pallone. “Though we undoubtedly have a stronger and more stable economy now, we are still recovering from the damage that was done. As New Jersey continues to make up for lost ground, the Consumer Financial Protection Bureau has cracked down on bad actors and continues to stand on the side of New Jersey consumers.”
Dodd-Frank, which created the Consumer Financial Protection Bureau (CFPB), was enacted in the wake of the collapse of the nation’s housing sector and the ensuing Great Recession. The CFPB is a consumer watchdog and enforcement agency, which protects consumers from the type of abusive financial industry practices that contributed to the mortgage crisis. To date, the CFPB has returned $10.1 billion to over 17 million consumers through its enforcement actions.
“Now that the Consumer Financial Protection Bureau has Director Cordray in place with tenure and the authority to implement the Bureau's full mandate, we are beginning to see the regulations and enforcement actions needed to protect consumers from the predatory and abusive practices on Wall St. and in the financial sector that led to the enactment of Dodd Frank in the first place,” said Beverly Brown Ruggia of New Jersey Citizen Action.
In addition to Pallone, the participants were Beverly Brown Ruggia, CRA Organizer, New Jersey Citizen Action; Bruce Davis, Chair, Economic Development Committee, NAACP NJ Conference; Margaret Jurow, Attorney, Jurow & Schore, LLC; Rev. Errol Cooper, Associate Pastor, First Baptist Church of Lincoln Gardens; Rev. Sara Lilja, Director, Lutheran Office of Governmental Ministry, New Jersey Synod; and Kimberly El-Sedek, Real Estate Development Manager, La Casa De Don Pedro.