The Consumer Financial Protection Bureau (CFPB) has returned roughly $11.8 billion to 29 million consumers since its inception in 2011. This article details just how much the CFPG has had the backs of students, credit card holders, homeowners, and consumers. Most recently, the CFPB fined Wells Fargo $100 million for its illegal practice of opening unauthorized accounts.
“Drain the swamp?!” Nope. Instead, Donald Trump promised to gut this agency. The Republicans doubled down on this and recently introduced two companion bills that would eliminate the bureau altogether. Senator Ted Cruz (R-Texas) introduced the Senate Bill (S.370) and Representative John Ratcliffe (R-Texas) introduced the House Bill (H.R. 1031). If passed, these bills would repeal Title X of the Dodd-Frank Act, which established the CFPB.
All-of-us need this watchdog agency to survive and thrive, especially in this swampy administration.
1. Call your Members of Congress and say this:
I am calling to express my support for the Consumer Financial Protection Bureau. Will Senator/Representative [____________] vote against [Senate Bill S.370] or [House Bill H.R. 1031]? The Consumer Financial Protection Bureau has supported the public against fraudulent business practices and we need them more than ever today. Can you please confirm that Senator/Representative [____________] will vote "no" on this bill?
2. The Senate bill has been referred to the US Senate Committee on Banking, Housing, and Urban Affairs. Call your senators if they are on this committee.
3. The House bill has been referred to the House Financial Services Committee. Call your representatives if they are on this committee.