Wednesday, May 3, 2017

Keep our financial watchdog from being neutered. Oppose the "Financial Choice Act."

The robbers are driving the stage. 
When Wells Fargo got caught last year for creating millions of fraudulent accounts, who was there to stop them? Our one and only watchdog dedicated to protecting consumers from unfair treatment in the marketplace: the Consumer Financial Protection Bureau.

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.

Tim Marvin
Consumers Union, Policy and Action from Consumer Reports

Sample e-mail: 

I'm writing today to urge you to vote against the Financial Choice Act. This bill would severely undermine the CFPB's ability to protect consumers from fraud and abuse. As an average American, I can't defend myself against the abusive practices that many big companies get away with. The CFPB does this, and they do it well. I would urge you to vote in the interest of your constituents by opposing the Choice Act and preserving the CFPB.

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