|The robbers are driving the stage.|
If big banks and credit companies break the rules or treat their customers unfairly, they should be held accountable. The CFPB is our cop on the beat in the financial world, protecting our wallets and fighting for the best interests of consumers. Since its launch in 2011, the CFPB has halted abusive banking practices, improved fair mortgage practices, and rooted out deceptive credit card marketing scams.
This critical consumer watchdog has already saved us nearly $12 billion and investigated 1.1 million complaints.
But the CFPB is in Congress' crosshairs. Critics want to quietly gut the CFPB’s ability to police fraudsters without fanfare. A deceptively named “Financial Choice Act” bill that would undermine the CFPB’s enforcement powers is coming up for a key vote in the House in the next week. We need to mobilize immediately to stop it from passing.
If enough of Congress hears from their constituents about the importance of preserving this key watchdog, we can defeat this bill. But big banks and predatory lenders desperately want the agency gone so they can go back to the days when no one could hold them to account for bad behavior.
We need to make sure consumers can rely on a strong, independent CFPB for decades to come. That starts by making sure the Choice Act fails.
Take action now to protect the Consumer Financial Protection Bureau. Contact your representative.
Consumers Union, Policy and Action from Consumer Reports