GALLEGO, WARREN, WARNOCK, KIM PRESS VOUGHT ON HOW ILLEGALLY SHUTTERING THE CFPB WOULD RISK DISRUPTING THE MORTGAGE MARKET AND HARM AMERICAN HOMEBUYERS

WASHINGTON, Dec. 6 -- Sen. Ruben Gallego issued the following press release:

Senators Ruben Gallego (D-AZ), Elizabeth Warren (D-MA), Rev. Raphael Warnock (D-GA), and Andy Kim (D-NJ) sent a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought raising concerns about how his illegal efforts to shutter the agency could affect the consumer mortgage market and the attainability of homeownership in the United States.

"The CFPB is the primary regulator of the $13 trillion consumer mortgage market, and it is the federal agency responsible for preventing mortgage lenders from offering predatory and subprime mortgage terms to borrowers-a key driver of the 2008 financial crisis," wrote the Senators. "If the CFPB stops ...