An early test of whether Coloradans can rely on Rep. Evans to support their financial security is coming up in the next few weeks. Under the Congressional Review Act, the House may vote to roll back safeguards that protect ordinary citizens, like a rule that slashes overdraft fees from $35 to $5, a measure that would protect consumers from fraud in digital payment apps like Venmo, PayPal, and ApplePay, and a rule that would take medical debt off credit reports nation-wide.
Back in 2023, Colorado legislators led the nation in removing medical debt from credit reports, aware that medical debt is often inaccurate and has little correlation with whether someone is likely to make a loan or rent payment. When Rep. Evans was in the Colorado House, he voted against that bill, which passed with bipartisan support.
The Consumer Financial Protection Bureau in Washington (CFPB) then followed in Colorado’s footsteps and found that removing medical debt increased credit scores by an average 20 points, a change that can save someone $20,000 over the life of a conventional loan. After hearing from thousands of Americans, including in-person testimony from Coloradans who benefitted from our law, the CFPB passed the same rule across the United States.
The CFPB is the part of the government that has consistently worked in the interest of everyday people to prevent overreach by Wall Street banks and unscrupulous businesses. One measure they have already passed, slated to go into effect on Oct. 1, would save families $5 billion in outrageous overdraft fees each year. That is more important than ever, at this moment when more people are struggling to make ends meet. Likewise, the CFPB’s Big Tech rule makes sure Venmo, PayPal, and other digital apps are regulated in the same way banks are, to reduce fraud and ensure accountability for users. And finally, the CFPB’s rule to keep medical debt off credit reports helps make sure someone is not unfairly punished with seven years of more expensive loans, simply because they had the misfortune of an unexpected health event.
These CFPB rules are ones that thousands of Americans weighed in on. They were created through transparent federal rule-making processes, and they make a real difference in people’s lives. At a time when agencies are being gutted, and regulations are vilified as government overreach, it’s important to remember that not all rules are created equally. Regulations that have been carefully developed with public input, in response to real harms, keep American families safer and more financially secure. When reasonable rules are maintained, honest businesses are less likely to be undercut by those who use deceptive practices. In a well-regulated market, consumers can expect to be treated fairly — and to have recourse if they’re not.
Rep. Evans was wrong on Colorado household finances the first time around, but in the U.S. House he now has the opportunity to stand up for regular Coloradans and all Americans. We urge Rep. Evans to support the critical defensive mission of the CFPB and vote no on any efforts to roll back these protections. It’s time that he shows his commitment to Coloradans who are doing their best to stay afloat in economically hazardous times.
Bethany Pray is chief legal and policy officer at the Colorado Center on Law and Policy, a statewide anti-poverty organization. Over the past 10 years, she has worked at the intersection of health and economic well-being, focused on improving access to affordable health care and reducing Coloradans’ debt burdens.
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