Cummings Issues Statement on CFPB Lawsuit Against Access Funding
Washington, DC (Nov. 21, 2016)—Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to a lawsuit filed by the Consumer Financial Protection Bureau against Access Funding for scamming lead-paint poisoning victims in Maryland out of settlement money:
“This lawsuit is proof of the critical work the CFPB is doing, and evidence that any effort to undermine its legitimacy serves only to harm consumers. Access Funding took advantage of lead-paint poisoning victims in Baltimore, and the company and its advisors deserve to face the full force of law. I am proud of the CFPB, and will fight to ensure it can continue to protect Americans from financial predators.”
Cummings sent a letter last year to Access Funding seeking additional information and a meeting about how it purchased structured settlements in exchange for lump-sum payments, after a Washington Post article reported on abusive transactions between Access Funding and Baltimore City residents who received settlements from lead-paint litigation in the form of future payment streams.
In response to Cummings’ letter, Access Funding provided limited data regarding the distribution of cases by jurisdiction and the total value of the payments bought.