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A RESOLUTION expressing support for the mission and work of the Consumer 1
Financial Protection Bureau. 2
WHEREAS, following the most severe financial crisis since the Great Depression, 3
Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 4
2010, which created the Consumer Financial Protection Bureau (CFPB); 5
WHEREAS, the CFPB was created as a single point of accountability for enforcing 6
federal consumer financial protection laws and protecting consumers in the financial 7
marketplace; 8
WHEREAS, the work of the CFPB includes rooting out unfair, deceptive, or 9
abusive acts and practices by writing rules, supervising companies, and enforcing the 10
law; 11
WHEREAS, the CFPB enforces laws that outlaw discrimination in consumer 12
finance; 13
WHEREAS, the CFPB takes consumer complaints and has sent over 6.8 million 14
consumer complaints to companies for responses; 15
WHEREAS, over 21 billion dollars in monetary compensation, principal 16
reductions, canceled debts, and other consumer relief has resulted from CFPB 17
enforcement and supervisory work; 18
WHEREAS, 363 million dollars in monetary relief has resulted from 39 19
enforcement actions involving servicemembers and veterans, including six enforcement 20
actions for violations of the Military Lending Act; 21
WHEREAS, the CFPB enhances financial education, researches consumer 22
experiences relating to the use of financial products, and monitors financial markets for 23
new risks to consumers; 24
WHEREAS, over five billion dollars in civil monetary penalties have been imposed 25
by the CFPB against companies and individuals that violate the law; and 26
WHEREAS, the CFPB serves an important role in protecting consumers, veterans, 27 UNOFFICIAL COPY 25 RS BR 1856
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and service members; 1
NOW, THEREFORE, 2
Be it resolved by the House of Representatives of the General Assembly of the 3
Commonwealth of Kentucky: 4
Section 1. The Kentucky House of Representatives respectfully expresses its 5
support for the mission and work of the Consumer Financial Protection Bureau. 6
Section 2. The Clerk of the House of Representatives is directed to transmit a 7
copy of this Resolution to the President of the United States, the Speaker of the United 8
States House of Representatives, the Minority Leader of the United States House of 9
Representatives, the Majority Leader of the United States Senate, the Minority Leader of 10
the United States Senate, and each member of the Kentucky congressional delegation. 11