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Protect the CFPB from the conservative courts!

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    Protect the CFPB from the conservative courts!

    Petition to Congress: Corporate-aligned interests are striking at the Consumer Financial Protection Bureau’s funding structure and fundamental mandate. The CFPB is a crucial agency designed to protect everyday people from unchecked corporate power and greed. We urge you to do everything in your power to protect the CFPB from these attacks — and defend its current structure and funding.

    Trump-appointed judges just struck down funding for the Consumer Financial Protection Bureau.1 In a spurious ruling, the Fifth Circuit court ruled that funding for the CFPB is unconstitutional.2

    Elizabeth Warren helped create the CFPB to protect consumers from predatory lenders and banks. As of last year, the CFPB’s work led to at least $13.5 billion in consumer relief.3 Now, conservatives, big banks, and payday lenders are trying to destroy the CFPB. We can’t let these Trump-backed, conservative courts shred consumer protections.

    Congress has an integral role in this fight. Tell your lawmakers to pass legislation to protect the CFPB now!

    Payday lenders, companies that exploit low-income earners with high-fee, hyper-short term loans, brought this suit against the CFPB to weaken the enforcement of consumer protections. The court struck down a CFPB rule that “prohibited payday lenders from debiting the accounts of customers who miss a payment without getting their consent first.”4 It’s not right, and we need to fight back.

    The end goal of conservatives and banks is to get rid of the CFPB, because the CFPB has been successful in its work regulating banks and Wall Street wants to be able to again exploit consumers and increase profits as much as possible. Wall Street attorneys are already saying that this ruling “muddies” the CFPB’s overall authority and has the “potential to upend all of its rules.”5

    Corporations, big banks, payday lenders, and all of their conservative allies will stop at nothing to weaken consumer protections in America. We need to act now, before it’s too late.

    Sign the petition: Congress must do everything in its power to protect the Consumer Financial Protection Bureau!

    Sources:

    1. Politico, “Appeals court finds CFPB funding unconstitutional,” October 19, 2022.
    2. Ibid.
    3. CFPB, “Enforcement by the numbers,” July 2022.
    4. CNBC, “A court just ruled that CFPB’s funding is unconstitutional, and that could be ‘catastrophic’ for mortgage markets,” October 28, 2022.
    5. Ibid.
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