Washington, D.C. – Today, the White House is expected to issue executive orders to start the process of weakening new protections that protect consumers from fraud and abuse. These protections, along with new oversight by the Consumer Financial Protection Bureau, have helped millions of consumers obtain billions of dollars in refunds.

Rohit Chopra, Senior Fellow at the Consumer Federation of America and formerly a top official at the Consumer Financial Protection Bureau, issued the following statement:

“Less than a decade ago, Wall Street and our economy were in freefall. Toxic mortgages peddled illegally helped to cause the most severe financial crisis since the Great Depression. Today’s actions by the White House are an ominous sign that amnesia has set in.

New protections have helped stop fraud and abuse that drain billions of dollars from the bank accounts of American families. By making sure that companies follow the law, this makes it easier for banks that play by the rules to compete and prosper.

Wall Street needs a watchdog, not a lapdog. This isn’t just good for consumers, it’s good for the entire economy so we can prevent the next financial crash.”

MEDIA NOTE: Rohit Chopra, Senior Fellow at the Consumer Federation of America, is available for interviews. Rohit joined CFA after serving on Hillary Clinton’s transition team, where he led planning on Wall Street regulation. He served as a top official at the Consumer Financial Protection Bureau, and is also a nationally-recognized expert on the student loan crisis.

Contact: Rohit Chopra, rchopra@consumerfed.org

The Consumer Federation of America is an association of more than 250 non-profit consumer groups that, since 1968, has sought to advance the consumer interest through research, education, and advocacy.