Demand Progress

Tell the new Congress: Stand up for the Consumer Financial Protection Bureau!

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    Tell the new Congress: Stand up for the Consumer Financial Protection Bureau!

    Petition to 116th Congress:

    The Consumer Financial Protection Bureau is one of the most important reforms that came out of the response to the Financial Crisis of 2008. In the seven years of its existence, it has returned more than $12 billion to consumers who have been defrauded by financial service companies. It is urgent that the CFPB be strengthened and re-empowered after two years of attacks on it by the Trump administration. We support any and all efforts to return the agency to its role as a defender of consumers against unscrupulous financial services companies.

    Ever since Trump was elected, his administration has attacked the Consumer Financial Protection Bureau, Elizabeth Warren’s groundbreaking agency that has returned more than $12 billion1 to consumers who have been victims of fraud and abuse by Wall Street, payday lenders, student loan servicers, and other financial services companies.

    In violation of federal law, Trump hand-picked Mick Mulvaney, his budget director, to head up the organization after the departure of its previous director. Mulvaney, who once called the CFPB a “sick, sad joke,”2 is there for one reason: to destroy the agency and choose predators over consumers.

    He fired all 25 members of the Bureau’s advisory board,3 requested no funding for the organization the first quarter of 20184, and later a 20% budget cut.5

    Most disturbingly, he has dramatically curtailed the CFPB’s enforcement actions. The agency is on track for its lowest annual enforcement total in the seven years of its existence.6

    But there is hope for the Consumer Financial Protection Bureau. Dozens of newly-elected House Democrats have pledged to defend and strengthen the agency. But they need to know that Americans have their back.

    Add your name: Tell the new Congress you want them to follow through and strengthen the CFPB.

    Rep. Lacy Clay of Missouri is expected to head up the House Financial Services subcommittee, which has jurisdiction over the CFPB. And he’s ready to oppose attempts by the Trump administration and his allies in Congress to further hobble the agency.

    “[It would] be a battle with this administration, and it would be a test of wills. I’m ready to fight that battle.”7

    This is great news for the CFPB, and great news for consumers. But Rep. Clay and other like-minded members of Congress will be able to do a lot more if they know they have the strong support of their constituents.

    So add your name to our petition today. Tell the new Congress: when it comes to protecting the CFPB, do whatever it takes. We’ve got your back.

     

    Sources:
    1. Fortune, “Donald Trump Is Targeting an Agency That Has Recovered $11.8 Billion for Consumers,” January 27, 2017.
    2. Vox, “Mick Mulvaney once called the CFPB a “sick, sad” joke. Now he might be in charge of it.,” November 17, 2017.
    3. Washington Post, “Mick Mulvaney fires all 25 members of consumer watchdog’s advisory board,” June 6, 2018.
    4. Politico, “Mulvaney requests no funding for Consumer Financial Protection Bureau,” January 18 2018.
    5. Washington Examiner, “Mick Mulvaney seeks 20 percent funding cut for CFPB,” June 12, 2018.
    6. Bloomberg News, “Enforcement Actions Drop Sharply at Trump-Led CFPB,” October 11, 2018.
    7. Politico, “How Democrats plan to save the agency Republicans love to hate,” November 18, 2018.

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