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Senators to hold press conference on the future of Consumer Financial Protection Bureau

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SPRINGFIELD, MA (WSHM) -

On Wednesday, Feb. 13 at 2:30 p.m., U.S. senators Jack Reed (D-RI), Sherrod Brown (D-OH) and Elizabeth Warren (D-MA) will hold a press conference to discuss the future of the Consumer Financial Protection Bureau (CFPB) in the U.S. Capitol.

Congress created the CFPB in 2010 to help ensure the financial products and services, such as credit cards, mortgages and loans, work better for the people who use them. 

In an effort to limit the effectiveness of the consumer watchdog, Senate Republicans have stalled the confirmation of the CFPB's director, former Ohio Attorney General Richard Cordray. Earlier this month, 43 Republican senators sent a letter protesting the CFPB's independence and vowing to oppose any nominee to lead the consumer protection agency.

Reed, Brown and Warren, who are members of the Banking Committee, will discuss the significant steps the CFPB has taken to help consumers and strengthen financial marketplace. The senators will detail how Republicans are circumventing the traditional democratic process and protecting unfair financial practices and products at the expense of taxpayers and consumers.

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