Looking Out for Consumers

Last year, Congress passed Wall Street reform in response to the financial meltdown of 2008. My focus during that debate was to make it far easier for American families to manage their financial affairs without worrying about the tricks and traps that banks may have hidden in the fine print of contracts.


That’s why I introduced a bill with the help of Professor Elizabeth Warren from Harvard to create an independent financial watchdog whose sole purpose would be to look out for the needs of American families trying to use financial services wisely.


That idea ultimately became the Consumer Financial Protection Bureau, which is being established now and will become an independent regulator this July.

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Bank of America Cancels Proposed Debit Card Fee
November 1, 2011

[WASHINGTON, DC] - Bank of America has become the most recent large bank to cancel their plans to impose new debit card fees, days after several of the nation's largest banks made similar announcements, U.S. Senator Dick Durbin (D-IL) said on the floor of the United States Senate this afternoon.

A Tipping Point in the Relationship Between Wall Street and Main Street
October 31, 2011

[WASHINGTON, DC] - Days after consumer outrage prompted many of the nation's largest banks to scale back or cancel plans to impose excessive fees on their customers just to access their own money, U.S. Senator Dick Durbin last night said on the floor of the United States Senate that the era of some anti-consumer banking practices may be coming to an end. Durbin also spoke about debit card swipe fee reforms that took effect last month, finally helping to bring fairness, transparency and competition to the debit swipe fee system while allowing consumers to save money and helping small businesses create jobs.

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