Consumer Protection

Consumers expect accountability and it is unacceptable for companies to make false statements or allow for dangerous activities like identity theft. I am always ready to stand up for New Jersey consumers when they are being misled.

Bob’s Focus

  • Preventing companies from taking advantage of consumers with false advertising or deceitful tricks
  • Stopping fraudulent practices by credit card and mortgage companies
  • Educating consumers and providing resources so they can protect themselves
  • Protecting homeowners from foreclosure abuses

Bob’s Accomplishments

Creating a consumer advocate and strong watchdog

Bob fought to create and implement a strong and independent Consumer Financial Protection Bureau, which stands up for consumers and cracks down on bad practices by banks, mortgage and credit card companies, and debt collectors.

Fighting hidden airline fees

Bob is leading the fight to prevent airlines from hiding fees from the flying public.

Protecting students from the “Campus Card” trap

Bob has called for strong measures to protect students from high and hidden charges to access their federal aid and from efforts to push students toward a particular financial product.

Safeguarding consumer data

Bob introduced the Commercial Privacy Bill of Rights to help protect consumers’ personal information in the event of a data breach. This legislation would increase consumer protections and corporate accountability so private, personal information remains private.

Cracking down on abusive credit card practices

Bob authored major credit card reform legislation that protects young adults by requiring them to opt in to receiving credit card solicitations. It also requires card companies to verify an applicant’s financial ability to pay, prohibits them from raising interest rates based on payment history and bans retroactive interest rate increases.

Protecting consumers using prepaid cards and mobile payments

Bob authored the Prepaid Card Consumer Protection Act to rein in hidden and abusive fees and strengthen financial protections offered by prepaid card companies and mobile payment providers.

Guarding against unsafe products

Bob worked to protect children from dangerous products such as high-powered magnets that have injured dozens of children.

Helping consumers and military families protect their credit

Bob introduced legislation to protect military servicemembers and their families from financial harm due to negative credit reporting when they are deployed, and fought to protect consumers from unfair reporting of medical debt.

Exposing CEO-to-worker wage gap

Bob fought to require big companies to reveal how much more they pay their CEOs than their  workers.

Keeping regulators honest

Bob authored Restoring Truth in Regulator Travel Act to prohibit officials at federal agencies from accepting travel paid for by the industries they are charged with regulating.

Educating future homeowners

Bob authored a financial literacy law that fosters better financial education among prospective homeowners and helps identify the most successful methods for delivering counseling services.

Protecting against foreclosure abuses

As Chair of the Senate Subcommittee on Housing, Transportation, and Community Development, Bob has held hearings to:

Bob has also introduced legislation to:

  • Help homeowners refinance their homes more easily and lower their mortgage payments;
  • Expand loan modification programs and make them more effective;
  • Provide additional funds for legal assistance for at-risk homeowners; and
  • Create a Homeowner Advocate dedicated solely to assisting homeowners.