Election Strikes Blow to Anti-Consumer Republicans in Congress

MEMORANDUM

To:                   Interested Parties

From:               Karl Frisch, Allied Progress

Date:                Wednesday, November 7, 2018

Re:                   Election Strikes Blow to Anti-CFPB Interests


The people have spoken. They want Congress to protect consumers and strengthen the CFPB’s ability to hold banks, predatory lenders, and other financial scammers accountable to the full extent of the law. They expect the new Congress to thoughtfully and thoroughly investigate efforts by the Trump administration and its appointees to undermine consumer and borrower protections at the behest of special interests.

Last night’s election saw at least 20 staunch allies of the payday lending industry and/or other anti-Consumer Financial Protection Bureau (CFPB) special interests defeated in their campaigns for reelection to Congress or for higher office. Altogether, these Republican received at least $609,276 from payday lenders and at least $40,500,014 more broadly from CFPB-regulated interests in exchange for their anti-consumer votes over the years.

Beyond the GOP campaigns for re-election to Congress, a payday industry and Wall Street-backed Republican member of Congress was defeated in his campaign for New Mexico Governor while a former payday lending executive lost his Republican campaign for Connecticut Governor in a state with an unpopular Democratic incumbent leaving office.

This enormous shift in the political landscape puts the Trump administration and its allies in the House and Senate on notice: their attacks on consumer protections and the CFPB are not only bad policy, but they are also bad politics. Continuing down this path is a recipe for electoral ruin.

High-Profile Losses Include:

NOTE: There are many races where Democrats lead that have not yet been called.

  • Rep. Kevin Yoder (R-KS-03): He’s taken more money from payday lenders than any other members of Congress ever, and now he’s out of a job in conservative Kansas.
  • Rep. Pete Sessions (R-TX-32): He has also taken enormous sums of money from payday lenders – more than nearly any other member of Congress, and he lost in a Texas-sized upset last night.
  • Members of the CFPB-Hostile House Financial Services Committee Lost (or Could Still Lose) Reelection:
    • Rep. Keith J. Rothfus (R-PA-17)
    • Rep. Bruce Poliquin (R-ME-02) Too close to call.
    • Rep. Mia Love (R-UT-04) Too close to call.
    • Rep. Claudia Tenney (R-NY-22)
  • Rep. Stevan Pearce (R-NM): This powerful House Financial Services Committee Republican was defeated in his campaign for New Mexico Governor.
  • Bob Stefanowski (R-CT-GOV): A former payday lending executive was defeated in his campaign for Connecticut Governor despite the unpopularity of the Democratic incumbent who was not seeking reelection.

Anti-Consumer Republicans Lost Re-Election to Congress

Rep. Rod Blum (IA-02) – LOST REELECTION

  • $591,907 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. David Brat (VA-07) – LOST REELECTION

  • $675,197 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Mike Coffman (CO-06) – LOST REELECTION

  • $1,577 from Payday Lenders
  • $2,821,607 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Barbara Comstock (VA-10) – LOST REELECTION

  • $3,577 from Payday Lenders
  • $2,057,128 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Carlos Curbelo (FL-26) – LOST REELECTION

  • $1,000 from Payday Lenders
  • $2,106,871 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Dan Donovan (NY-11) – LOST REELECTION

  • $921,294 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. John Faso (NY-19) – LOST REELECTION

  • $32,977 from Payday Lenders
  • $806,219 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.

Rep. Randy Hultgren (IL-14) – LOST REELECTION

  • $6,750 from Payday Lenders
  • $2,339,237 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Leonard Lance (NJ-07) – LOST REELECTION

  • $1,302,559 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Jason Lewis (MN-02) – LOST REELECTION

  • $284,766 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.

Rep. Erik Paulsen (MN-03) – LOST REELECTION

  • $1,577 from Payday Lenders
  • $4,611,221 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Steve Pearce (NM-02) – LOST CAMPAIGN FOR GOVERNOR

  • $21,400 from Payday Lenders
  • $2,015,512 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Peter Roskam (IL-06) – LOST REELECTION

  • $38,650 from Payday Lenders
  • $5,612,370 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Keith Rothfus (PA-17) – LOST REELECTION

  • $8,326 from Payday Lenders
  • $2,234,045 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Steve Russell (OK-05) – LOST REELECTION

  • $2,000 from Payday Lenders
  • $317,825 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Pete Sessions (TX-32) – LOST REELECTION

  • $143,529 from Payday Lenders
  • $6,349,499 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. Scott Taylor (VA-02) – LOST REELECTION

  • $462,169 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.

Rep. Claudia Tenney (NY-22) – LOST REELECTION

  • $20,527 from Payday Lenders
  • $827,679 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.

Rep. Kevin Yoder (KS-03) – LOST REELECTION

  • $326,309 from Payday Lenders
  • $3,073,610 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

Rep. David Young (IA-03) – LOST REELECTION

  • $1,077 from Payday Lenders
  • $1,089,299 from CFPB-Regulated Industries
  • Voted to reverse Dodd-Frank and gut the CFPB’s authority to protect consumers.
  • Voted to hobble the CFPB by changing its structure to and causing gridlock.

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